Quicken Loans Housing and Mortgage Market Update for May 6th, 2009

Quicken Loans housing and mortgage market update. In this morning's economic news, US mortgage applications rose 2% last week. Purchase applications led the way rising 5% while refinance activity increased by 1.2% as borrowing cost remained near historic lows. The ADP employment report says that US companies cut an estimated 491,000 workers from payrolls in April. The drop was smaller than economists forecast and the fewest since October.

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