31
Mar

Increased Home Purchase Loan Applications – April 30 Homebuyer Tax Credit Deadline

Posted by Sara M. Varese

An economic stimulating offer to give a $8,000 tax credit to first-time homebuyers and $6,500 to those who are trading up is about to expire on April 30th – just a month away. This fast upcoming date may be the primary reason why the number of home purchase loan applications have sharply increased, the highest level in 5 months.  A similar thing had occurred back in October when first home buyers tax deadline was nearing which was then extended due to the potentially positive impact on the economy.

However, the number of mortgage refinances have dropped by 1.3% due to interest rate increases. Refinances are more popular when interest rates decrease.
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