Posted on Sunday, September 23, 2007

Applications for Gig Harbor home mortgages rose 2 percent in mid-September, according to Reuters. Applications are at their peak level since this past April. There are a few factors that triggered this rise.

The first is a drop in interest rates by the Federal Reserve. With a lower interest rate, even more homeowners are urged to refinance. The second component is the excess of homes on the market. Prices are driven down with a surplus of homes.