According to the Mortgage Bankers Association, mortgage purchase applications increased by 14 percent at the end of last week to their highest level since May. Michael Fratantoni, vice president of research and economics for the Mortgage Bankers Association, said "the increase in purchase applications last week aligns with other incoming data suggesting that consumers are feeling somewhat more confident with their financial situation." Furthermore, the interest rate on the30-year fixed-rate mortgage rose to 4.5 percent, the highest since September.
Restoring consumer confidence is a key aspect in the economic recovery, and if trends such as this continue, it would be very encouraging for the people and further increase the consumer confidence in the market.
No comments:
Post a Comment