Florida Home Mortgage Loan Applications Enjoy Another Weekly Increase

In an encouraing sign for the local housing market, Florida home mortgage applications inched higher last week for the first time since early August.

The seasonally-adjusted index of total mortgage applications, including Florida mortgage refinancings, rose 1.8 percent in the week ended Sept. 1 to 566.3, according to the Mortgage Bankers Association. The index is at its highest since early July, but is well below the year-ago level of 771.6, the association said in a statement.

The improvement coincides with a drop in the rate on standard 30-year mortgages that finance about three-quarters of all U.S. homes.

The average 30-year fixed Florida home loan rate was 6.31 percent last week, down 0.08 point since Aug. 25 and off 0.5 point since early July, the MBA said.

The component index of home purchases increased 3.7 percent to 389.7, while the gauge of refinancing declined 0.9 percent to 1,594.7, the MBA said. In other words: buyers ARE returning. They’ll continue to taket Florida home loans as long as rates remain reasonable.