Mortgage Activity Strengthens

Friday, March 27, 2009 - By Gate Arty

Mortgage applications spiked last week as a result of the record low interest rates. This fueled demand for home refinance loans. Mortgage applications increased a whopping 32.2% for the week ending March 20th. Refinancing accounted for nearly 80% of all of these applications. Despite stricter lending guidelines, the majority of those that apply for a loan, still get approved. The Mortgage Bankers Association reported an approximate 60% approval rate. As a point of reference, in 2003 nearly 80% of applicants got their loans approved. OOPS!

At least activity is finally picking up . . .

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