Home Sales Rose by 4.9 Percent Last Week

Last Week: A Surge in Home Loans

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Home Sales Rose by 4.9 Percent Last Week
Both refinancing and home purchases supported by a drop in interest rates.

Home-loan demand surged sharply last week with a big emphasis on refinancing. A great portion of this increase is due to refinancing in a favorable interest rate environment. Mortgage rates are at their lowest since October 2005, according to the Mortgage Bankers Association(MBA).

In additon, last week also saw a sizable upward demand for home purchase loans as well. According to the MBA, home sales rose 4.9 percent last week, the highest increase since May of this year. Of course, one of the reasons behind the drop in interest rates has been the decrease in demand for borrowing. Such small wins at this time of the year are definitely welcome news at the end of what has been a tough year.

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HouseMediaNetwork.com & New York House Magazine

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