Wednesday, October 31, 2007

Mortgage Applications Surged in October

In October alone, mortgage companies saw a 3.8% in applications over September, they say mostly cause by refinances. I think there is more to it than just refinances. With the fiscal year coming close to its end and prices down 7% nationwide, some of those hesitant buyers might be coming out of the wood-work, looking for their all time low price before the upcoming spring fever hits. With recent PR stating nothing but positive figures for our economy, the Fed rate cut today, and the possibility of reestablishing subprime mortgages with stated income loans, next year might just be better than everyone thinks.


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