Homebuyer Tax Credit Extended Deadline is April 30, 2010 – Mortgage Applications Increase As Deadline Draws Near
Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending March 26, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 6.8 percent from the week before and are now at their highest level since October when buyers were rushing in to beat the original homebuyer tax credit deadline. The four-week moving average of home purchase mortgage applications is up 5.4 percent.
The refinance share of mortgage applications dropped to 63.2 percent this week, it’s lowest level since October 23, 2009. The share of adjustable rate loans increased to 5.2 percent of all loans from 4.8 percent which I find surprising after all the problems we have seen as a result of adjustable rate loans as well as the threat of higher interest rates in the near future.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates continued the roller coaster ride with the 5.0 percent mark, this week increasing to 5.04 percent from 5.01 percent, with fees jumping to 1.07 percent from .76 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased slightly to 4.34 percent from 4.33 percent, with fees increasing to 0.98 percent from 0.77 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates increased slightly to 6.88 percent from 6.75 percent with fees decreasing slightly to 0.31 percent from 0.32 percent for loans that are 80 percent of the value of the home.
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