Until recently, the vast majority of lender’s home mortgage application volume has come from home loan mortgage refinances due to the low mortgage rates. Now, lenders are seeing a rise in purchase mortgage applications despite the mortgage interest rates still being at historic lows. Mortgage lenders are choosing to offer higher mortgage rates for refinances because of their inability to sell home mortgage refinance loans to Fannie Mae and Freddie Mac. When it comes to home mortgage purchase applications it’s a different story. For the third straight week the volume of home mortgage purchase loans has increased showing how ready the American public is to re-enter the housing market.
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