“That’s a good sign for us,” spokesman Terry Francisco says. “It’s a sign that the market is kicking more into a higher gear for 2014.”
And Bob Walters, chief economist at Detroit lending giant Quicken Loans, says his company has seen both purchase and refinancing activity picking up in recent weeks as the spring housing market has heated up and mortgage rates have ticked down a bit.
Buyers and borrowers have become so sensitive to rates, Walters says, that even a quarter-point swing can affect the market.
“That doesn’t seem like much,” he says. “But it’s bringing people back to the money.”
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