Mortgage Applications on the Rise

Mortgage Bankers Association reports that the number of mortgage applications last week was almost 13% higher than a week before. Most of that increase were filings for government-insured loans like FHA. In general, government-insured mortgages made up 45.7% of all purchase applications last week - the highest proportion since November 1990.

Government sponsored loans are especially attractive to first time homebuyers who are rushing to take advantage of the last weeks of homebuyer tax credit that runs through November 30th.