Falling mortgage rates have ignited a mini financing boom. The Mortgage Bankers Association reports mortgage applications were up a whopping 49% in the week ending January 9. Refinances were up 66% week over week. Just as encouraging, purchase applications were up 24%.

Of course, one week does not a trend make, but we like the potential for mortgage (and home sales) activity to rise this year.

First, there is the strength in job grow and economic activity we mention earlier. Second, more households are in a financial position to service more debt. The Federal Reserve reports that household debt and financial obligations as a percentage of personal income is near multi-decade lows. In fact, mortgage debt is only 4.67% of disposable income on average. For comparison, it was over 7% back in 2007.

More people working, more people in a sound financial position, cheap lending rates, and leveling home-price growth all offer persuasive evidence that 2015 could turn out to be a banner year for housing and mortgage lending.

Information provided by Jessica Regan.

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