U.S. home loan mortgage applications rose last week, with home loan purchase applications hitting the third straight high point on the year, the Mortgage Bankers Association (MBA)
The MBA said its seasonally adjusted index of mortgage application activity, which includes refinance mortgage applications and home loan purchase applications, increased 6.2 percent for the week ended December 7, 2012.
The MBA reported that it's index of refinancing applications rose 8 percent. Home loan applications, a leading indicator of home sales, rose 0.7 percent, hitting another high point on the year and growing for a fifth straight week.
Refinance applications increased to 84 percent of applications from 82 percent the week before. Fixed, 30-year mortgage rates averaged 3.47 percent in the week, down 5 basis points from 3.52 the week before. This is the lowest in the history of the survey. The survey covers more than 75 percent of the nation's mortgage loan lenders.
Although home prices have just started to slightly increase in 2012, historical low interest rates provide Massachusetts home buyers, especially first-time home buyers, with a unique opportunity to purchase a single-family home or condominium.