First Time Homebuyer Mistakes

7 first-time homebuyer mistakes to avoid...

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Mortgage applications jump a solid 4.7% in last week of July

Mortgage applications increased 4.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 31, 2015.

The Market Composite Index, a measure of mortgage loan application volume, increased 4.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5% compared with the previous week.

The Refinance Index increased 6% from the previous week. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 3% compared with the previous week and was 23% higher than the same week one year ago.

“Despite recent concerns about the economy, both purchase and refinance applications increased strongly in response to lower interest rates last week,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Refinance activity was the highest since May when rates were last at this level. The increase in purchase activity was also notable for this time of year, up 23% relative to a year ago.”

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