Demand for U. S. mortgages rose last week even as interest rates climbed. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, rose 3.4 percent in the week ended Feb. 1. Refinancing applications rose 3.5 percent while purchase applications rose 2.2 percent.
Interest rates and home prices have been gradually rising since the beginning of the year. Both factors can be attributed to an improving economy in the United States. Now is the time for skeptical homeowners to seriously consider a refinance or home purchase.
Contact On Q Financial, Inc. today to start your mortgage process.