Home Buyers Push Up Loan Demand

More people are looking to buy homes again in the Albuquerque and Rio Rancho markets.

Mortgage applications were on the rise last week, as home buyers remain behind the upswing in demand. The Mortgage Bankers Association reported that applications for home purchases, viewed as a leading indicator of future home sales, rose 5 percent week-over-week on a seasonally adjusted basis for the week ending April 17.

Applications for home purchases are now 16 percent higher than the same week one year ago.

“Purchase applications increased for the fourth time in five weeks as we proceed further into the spring homebuying season,” says Mike Fratantoni, chief economist for the MBA. “Applications for FHA purchase loans remained strong as well.”

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