Home Loan Focus

People were already making the move to refinance before the Fed came in on Tuesday and cranked down interest rates.  They were acting before the White House and Congress came up with a plan to open up credit by increasing loan limits for FHA loans and enabling Freddie Mac and Fannie Mae to secure some of those same large mortgages.

Refinance applications drove the increase: Applications to line up new financing on an existing loan rose 16.9% during the week ended Jan. 18, compared with the previous week, according to the MBA’s weekly survey.

“Refinance applications are up 92% since the beginning of November and purchase applications are up 7%,” said Jay Brinkmann, the MBA’s vice president of research and economics.

Refinancing applications continue to rebound, MBA data show – MarketWatch

Now don’t start packing your Samsonite bags in preparation for a vacation to Real Estate Boom 2.0.  The amusement park rides there are still shut down for repairs for the most part as credit is still tight.  The planets are starting to align themselves however, and there is potential that we might just pull out of this thing sooner rather than much later and that at least is good news!

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