Economy Strengthens, More Homeowners Look For Fixed-Rate Mortgages

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In a holiday-shortened week, mortgage loan application volume for the week ending November 11 held steady, according to the Mortgage Bankers Association, declining just 0.6% on a seasonally adjusted basis from one week earlier.The Purchase Index increased 2.6% on a seasonally adjusted basis while the Refinance Index decreased 5.4% from one week earlier.These numbers were additionally adjusted to account for Veteran's Day."Moderation of fuel prices and sturdier employment figures are driving the economy forward," says Bob Walters, Chief Economist of Quicken Loans, the nation's largest online lender. "Higher short-term interest rates are causing homeowners to distance themselves from the volatility of adjustable rate mortgages, preferring the sanctuary of a fixed rate program instead." Quicken Loans will close $17 billion in mortgage volume in calendar year 2005.  Mortgage News Home Current Headlines Next Article  Refinancing | Home Loans | Home Equity Loans | My Quicken Loans Login Mortgage News | Mortgage Rates | Mortgage Calculators | Apply Online Careers | Contact Us | Feedback | Site Map | Help | Search Security and Privacy | Disclosures and Licenses | Terms of Use © 2000 - 2005 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Build 2885 2005-11-16 15:51:04

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