Job Growth Keeps Economy Growing, Fixed Rates Low

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Mortgage applications shot up following a holiday shortened Thanksgiving week, according to a report issued today by the Mortgage Bankers Association (MBA). In the week ending on Dec. 2, the MBA's Weekly Mortgage Applications Survey reports that mortgage loan application volume increased 5.2 percent over the previous week."The economy remains strong, creating almost a quarter million jobs in October," says Bob Walters, Chief Economist of Quicken Loans, the nation's largest online lender. "Long-term rates are still historically low and, combined with robust job growth, should continue to fuel the housing market going into 2006."Both purchases and refinances showed an impressive amount of activity, with the Purchase Index increasing by 4.0 percent and the Refinance Index escalating 7.0 percent over one week earlier."Next week, the Fed is expected to raise the Fed Funds rate for the 13th time and short-term rates are continuing to rise as a result of the Fed's actions. Homeowners in adjustable rate mortgages have seen the writing on the wall and are actively refinancing into long-term programs," says Walters.Quicken Loans, based in Livonia, MI, will close $17 billion in 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 2966 2005-12-07 13:09:00

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