Mortgage Applications On The Rise

Mortgage Bankers Association reports an increase in applications for the first time since early June. The applications consist of both purchase loans and refinance loans.

What is important about knowing if people are applying for mortgages?

It is a great gauge on what will be happening for home purchases in the next 30-45 days. If someone is applying for a mortgage there is a great chance that they will be buying a home very soon.

CNNMoney.com also reports,

U.S. housing industry indexes, in general, tend to be volatile, but recent data suggest a glimmer of hope may be on the horizon for the hard-hit sector.

The National Association of Realtors last week said pending sales of previously owned U.S. homes rose at their fastest pace in more than three years in June.

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