Mortgage Applications Rise (but Not Much)
Consumers are requesting more loans as mortgage application costs decline. The Mortgage Bankers Association's mortgage application index rose 3.2 percent for the week ending Oct. 22.
Refinances logged a 3 percent increase, while purchase applications increased 3.9 percent. But a weekly uptick is hardly a sign that the nation's housing woes are coming to an end. The previous week saw the same index hit nearly its lowest level for the year. (Read on to see a full-size version of the chart.)
As long as unemployment stays well above 9 percent, it is unlikely that lenders will see a flood of new mortgage applications, insanely low rates notwithstanding.
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