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U.S. mortgage applications rose in the last week of January, reflecting a jump in demand for home refinancing loans even as interest rates rose to their highest levels since early December, data from an industry group showed Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications ,which includes both purchase and refinance loans, for the week ended Jan. 30 increased 8.6 percent to 795.4 after slumping 38.8 percent during the previous week.
Originally posted by wutone
Mortgage applications yes...
But how many resulted in actual closings?
It is all about the closings, for all we know is that a bunch of people think that this is a good market (LOL) and see this as an opportunity. But if they don't get approved, it doesn't mean anything.
Even if there is a rise in closings, they will most likely be distressed purchases or foreclosures which really isn't that great of news although it is something positive.