Dennis Norman
By: Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 9, 2009. The report showed an increase of 1.8 percent in mortgage loan applications from the week as interest rates inched back above 5 percent for the first
time in four weeks.
Refi’s continue to dominate the mortgage application activity with 67.4 percent of all mortgage loan applications being refinances.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates increased to 5.02 percent from 4.89 percent the previous week, with points decreasing to 1.11 percent from 1.13 percent on 80% LTV.
- 15 year fixed rate mortgage interest rates increased to 4.44 percent from 4.32 percent with points remaining unchanged at 1.04 percent on 80% LTV loans.
- One-year ARM interest rates increased to 6.71 percent from 6.56 percent with points increasing to 0.32 percent from 0.30 percent on 80% LTV.
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