Home Loan Demand Up as Purchase Activity Gains

March 31, 2010  |  

(CNBC/ Reuters) — The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was up 2.2 percent.

The MBA’s seasonally adjusted purchase index increased 6.8 percent, hitting its highest level since the week ended Oct. 30.

Michael Fratantoni, the MBA’s vice president of research and economics, said the activity may reflect the looming expiration of a homebuyer tax credit, just as many homebuyers in October had rushed to get loans closed before the original expiration of the tax credit.

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