Mortgage Blog

Home sales rose in June for the fastest time in the past 3 years. Yesterday the Commerce Department stated that housing starts rose 6.9% last month, this was the highest rate since October 2008. Ben Bernanke stated the housing market has shown modest improvement.

The Mortgage Bankers Associated also said that purchase loan applications jumped last week as the interest rates on 30 year mortgages fell to a record low. In the broader U.S. economy the housing sector is now so small it provides limited support. If the recovery starts to fail and the U.S. falls back deeper into recession, there is no doubt that the housing market would suffer.

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