Mortgage Applications Rose 5.9%

In a surprising turn of events, mortgage applications rose 5.9% for the week ending June 30.  It rose from the highest rate in 4 years, and it happened the week that the Federal Reserve raised rates a quarter percent.  

The data seems to suggest that while the interest rate did indeed rise, the market acknowledges that the interest rate is still a good rate.  We’ll see how the coming weeks fare to get a better indicator.  While this doesn’t appear to indicate the housing market correction is soon to end (it’s barely begun), we hope to see continued good signs such as these.  Maybe the correction will be a gradual and gentle one for us all.

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