Dennis Norman
By: Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending September 18, 2009. The report showed an increase of 12.8 percent in mortgage loan applications from the week before fueled by interest rates dropping below 5 percent for the first time since mid-May.
Unfortunately for real estate brokers and agents is the bulk of the activity (63.8 percent of all applications) were homeowners refinancing their existing mortgages (good news for those in the mortgage biz though!). Over the past four weeks shows homeowners refinancing existing loans is up 6.8 percent while borrowers financing the purchase of a home is only up 0.7 percent.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates decreased to 4.97 percent from 5.08 percent the previous week, with points increasing to 1.12 from 0.98 on loans that are 80 percent LTV
- 15 year fixed rate mortgage interest rates remained unchanged at 4.41 percent with points decreasing to 1.05 from 1.12 on loans that are 80 percent LTV
- One-year ARM interest rates decreased to 6.52 percent from 6.61 percent, with points increasing to 0.28 from 0.20 for loans that are 80 percent LTV
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