Applications to Purchase a Home on the RISE!

Applications to purchase homes rose 1.5 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association.

The unadjusted purchase index also rose 1.5 percent, and it was up 7.1 percent compared to four weeks ago. Compared to the same week a year ago, it was down 33.7 percent. For the third straight week, government-backed loans, especially Federal Housing Administration loans, drove the increase, with government loan volume rising 3.4 percent compared to last week.

Mortgage rates were still remarkably low!

30-year fixed-rate mortgages decreased to 4.60 percent from 4.69 percent.
15-year fixed-rate mortgages decreased to 4.03 percent from 4.12 percent.
1-year ARMs decreased to 7.10 percent from 7.15 percent.

Source: Mortgage Bankers Association