Good news as U.S. mortgage applications surged last week

Good news as U.S. mortgage applications surged last week. Demand rose to its highest level since late-May. Consumers take advantage of the lowest interest rates in months, data from an industry group showed on Wednesday.

Home refinancing loans still dominated demand, the trend for applications to buy a home, a tentative early indicator of sales, hit its highest level since early January.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Sept 4 increased 17.0 percent to 648.3, the highest level since the week ended May 29.

Also the Bellevue, Kirkland, Redmond Markets remain strong as sales continue to climb and prices remain low with short sales and foreclosures setting the bar very low.

Months of inventory for Bellevue, Kirkland Redmond: