The Mortgage Bankers Association reports that while mortgage refinance applications are declining, the applications for purchasing homes are increasing.

Overall, the applications for mortgages fell slightly. They are up over 10% from the same period last year, however. This is attributed to the increasing strength of the real estate market.

More than half of all mortgage applications are for purchasing new homes, and growing. This trend is expected to continue as the real estate market picks up. Less than one in five new mortgages is an adjustable rate mortgage (ARM).

The Mortgage Bankers Association is the national association representing the real estate finance industry, and is based in Washington, D.C..

This entry was posted on Tuesday, April 17th, 2007 at 4:45 pm and is filed under Cincinnati Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.