According to the Mortgage Bankers Association, loan applications for home purchases were at their highest level since October. Essentially this means that people are actively looking for homes and getting them under contract. This means that we should see a good month for Utah home sales in the next several months.
The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending March 26, 2010. The Market Composite Index, a measure of mortgage loan application volume, increased 1.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.5 percent compared with the previous week.
“Purchase applications have increased over the past month, and are now at their highest level since last October when many homebuyers were rushing to get loans closed before the expected expiration of the homebuyer tax credit,” said Michael Fratantoni, MBA’s Vice President of Research and Economics. “We may be seeing a similar pattern now, as the extended version of the tax credit ends next month.”
Home buyers have a sense of urgency to try and purchase homes before the expiration of the home buyer tax credits. It’s not too late as homes just have to be under contract by the end of April. If you’re interested in buying while you can get government help, and while interest rates are so low, start looking for Utah Homes for Sale now.
