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Mortgage applications in the U.S. rose by the most since June of last year as borrowing costs close to an eight-month low spurred home sales and refinancing.
The Mortgage Bankers Association's index of applications to buy a home or refinance an existing loan increased 11.9 percent to 633.9 last week.
The level is the second-highest this year. Refinancing surged 17.5 percent, also the biggest rise since June 2005, and home purchases rose 7.6 percent last week.
Thirty-year fixed mortgage rates that have fallen more than a half percentage point in the last three months may be helping avert a collapse in the housing market that would threaten the economy. Price declines, along with builder incentives, are also making homes more affordable.
The affordability picture is improving somewhat, which brings more buyers back into the market. An economist said. it would definitely have more housing slowdown on the way, but it is a soft landing.
The average rate on a 30-year fixed mortgage rose to 6.24 percent last week from the prior week's 6.18 percent that was an eight-month low, the mortgage bankers report showed.
The index of total mortgage applications rose last week from 566.5 the prior week. It's still down 29 percent from last year's high of 887, reached in the week ended June 10, 2005. |
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發表於 2006-10-4 21:09:35
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