Mortgage Applications Increase for Third Week in a Row

Homebuyers are taking the plunge in growing numbers, despite more stringent mortgage requirements. For the week ending July 30, the volume of mortgage applications to purchase a home increased a seasonally adjusted 1.3 percent over the previous week, according to data from the Mortgage Bankers Association. That's after a week when applications surged 2 percent; and the week before that, they rose 3.4 percent. Clearly, optimal home-buying conditions (low prices, low rates) are compelling homebuyers to push to make a deal.