Categorized | Finance and Mortgage

Local Credit Unions Report Increase in Mortgage Applications

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It appears that both current, and potential homeowners are finally taking advantage of the low fixed-rate mortgage loans available to them. Local credit unions across the country are reporting an increase in both new home, and refinancing applications for the first time in months.

Some local credit unions are reporting an increase of nearly fifty percent in the number of applications. While they have mostly been for refinancing purposes, the number of applications from new homebuyers has also risen. In the Washington DC area, new home sales have actually gone up by nearly thirty percent, which is a good sign for the battered real estate market.

The increase in applications and new homebuyers is a very good sign for the housing market, especially considering the widely growing fears that the nation may be in the midst of a double dip recession. The stock market has been increasingly volatile over the past few weeks, and the job reports have not been stellar. However, it appears that, in certain areas, the housing market may just be the diamond in the rough.

The housing market is showing signs of improvement in those areas that have a stable job market. Potential homeowners in those areas are able to take advantage of the record low rates, as they have far less worries about job security than in other less stable areas. Credit Unions are seeing a greater increase than major lenders as well, perhaps due to the security that they generally offer. Furthermore, many credit unions are also offering some incredible deals to entice new buyers, such as contributing money towards closing costs.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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