Once again, we see that low rates and tax credits work like a charm.
As mortgage rates edged lower, US mortgage applications in turn spiked higher last week.
They are now at a 3-month high despite rising unemployment.
Still, home inventories remain high, many sales were simply distressed, and the government’s first home buyer tax credit is set to expire in just a few months.
So you should still expect a tough slog ahead.
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