Dennis Norman
Record-low interest rates have brought out existing homeowners to refinance their existing mortgages at lower rates….however, the rates don’t seem to be having the same effect on home-buyers who still seem reluctant to pull the trigger and buy a home.
According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending August 13, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 3.4 percent from the week before. The four-week moving average of home purchase mortgage applications is up 0.1 percent for the period.
The Mortgage Refinancing index shot up 17.1 percent from the week before. The refinance share of mortgage applications increased to 81.4 percent from 78.1 percent the week before hitting the highest level since January 2009.
Interest rates for the week ended August 13, 2010:
- 30 year fixed-rate mortgage interest rates increased slightly to 4.60 percent from 4.57 percent, with fees increasing to 0.92 percent from 0.89 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased slightly to 3.99 percent from 3.95 percent, with fees decreasing to 1.05 percent from 1.08 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates decreased to 6.90 percent from 7.00 percent, with fees decreasing to 0.21 percent from 0.22 percent on loans that are 80 percent of the value of the home.
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
