Posted by JM_NY on 8/9/06 10:51am
Msg #137782

Morgage rates fall increase in applications.

http://www.usatoday.com/money/perfi/housing/2006-08-09-mortgage-apps_x.htm?csp=24&POE=click-refer

Reply by Genkichan on 8/9/06 11:15am
Msg #137787

Re: What's the diff between USA Today and the Tabloids?

USA Today actually uses real news headlines! ;-)

(sorry, I couldn't resist.)

Reply by ReneeK_MI on 8/9/06 4:54pm
Msg #137900

Something you might notice is that when the loan biz falls down, applications will take a rise - but CLOSED loans do not.

What happens is the L.O's and brokers who rely on this biz (commission) to eat and buy gas have fewer closings (= less paycheck), and they start to scramble. That scrambling (also known as 'scraping the bottom of the barrel') results in an increase in applications. It doesn't necessarily mean jack to what the underwriters can actually get approved and closed.