Rates Continue Down; Loan Applications Up

For those folks looking to refinance or purchase, the news on Wednesday continues to be nothing but positive.

The Mortgage Bankers Association (MBA) reported that their refinancing index jumped 8.6% in the July 16 week, making for a nearly 30% gain over the past four weeks. The average 30-year mortgage fell 10 basis points in the week to 4.59%, the lowest ever in the survey.

Low rates continue to be a consistant positive for home sales. The MBAs purchase index also rose -- up 3.4%. Much of the demand was driven by government loans which have low down-payments.

Wednesday's report, along with Tuesday's rise in applications for housing permits, are indisputable good news for the housing sector.