According to the Mortgage Bankers Association, mortgage activity is improving on a couple of levels as the month moves forward. For the week ending February 18, an increase of 13.2 percent in activity across the nation was noted, making the week one of the best in some time, in terms of applications for first time mortgages and refinancing. The gain is attributed to the more or less leveling of rates on thirty-year mortgages at the 5 percent mark and a modest drop in the average flat rates associated with fifteen-year mortgages.

Consumer Confidence Also A Factor

There are also signs that consumers are continuing to gain confidence in the general direction of the economy, in spite of rising gas prices and the increasing cost of other items such as food. As consumers think in terms of getting more for their money, some are taking second looks at properties that have been on the market for awhile and putting in bids that owners are accepting. This in turn is spurring additional mortgage applications and some increases in application approvals.

If you are thinking of buying a home, look around your community and focus attention on properties that have been on the market for some time. There is a good chance that the owners will entertain a bid that is under the current asking price. Assuming that your credit is in order and you can afford the mortgage, there is a good chance you can secure the home at a competitive price and arrange the financing with relatively little trouble.