This past week, the Mortgage Bankers Association announced that applications for home loans rose, on a national level, during the last week of November. Figures came from the seasonally-adjusted index of borrowing and refinancing requests, after an assessment of 75 percent of U.S. retail residential mortgage applications.

Applications, overall, saw a 4.5 percent increase, as of November 30. But, through a breakdown of different application types, those for refinancing went up by 6.1 percent. For purchasing, the increase was just 0.1 percent; although the improvement is small, this figure is the fourth of such incremental increases for purchasing-related home loans.

The Mortgage Bankers Association also reported that refinancing, out of the total scope of loan activity, constitutes 83 percent; this figure is up from 81 percent for the prior week.

Increased loan applications are one of several signs pointing to the gradual yet positive improvement of the residential real estate market. Over the past year, refinancing applications continued to rise, while foreclosures and mortgage delinquencies declined. Mortgage rates, additionally, dipped down to 1950s levels over the summer.

McCue Mortgage, in handling both purchasing and refinancing applications, matches borrowers with loan programs suited to their needs, be it a conventional or government option with adjustable- or fixed-rate interest. Interested borrowers, in working with us, meet with a loan originator to start the application process. As this is essentially the next step of purchasing a home, a borrower is expected to be prepared with all documentation, including a sales contract for the property, proof of employment, and other paperwork.

As a mortgage broker in Connecticut, McCue assists borrowers interested in common programs, such as FHA and VA loans, and state-specific programs, including CHFA mortgages, the HERO program, and UR Home, offers rates, and provides solutions and guidance for refinancing.