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Economy – Wednesday (Investor’s Business Daily)

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Investor’s Business Daily – A gauge of home loan demand in the U. S. shot up 21% to a 6-week high of 620. 7 in the week ended Jan. 29 as buyers took advantage of low interest rates and the federal tax credit, the Mortgage Bankers Association said. The group’s refi gauge leapt 26. 3% as the average 30-year mortgage rate dipped to 5. 01%, which is expected to rise later this year. The purchase index climbed 10%, suggesting that a renewed and expanded gov’t tax credit is spurring demand after sales fell late last year on expectations the incentive would expire.

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