Mortgage Loan Rates Remain Low - Fewer Home Buyers Taking Advantage

Home Loan Applications Drop 4.0 Percent Last Week.

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending February 12, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) decreased 4.0 percent from the week before and the four-week moving average for the index is down 1.2 percent.

In spite of interest rates dropping to near historic lows, mortgage application activity by home buyers appears to be slowing down. Existing homeowners are still refinancing their mortgages though and make up 69.3 percent of the total mortgage activity.

Interest rates and fees for the week:

• 30 year fixed-rate mortgage interest rates remained unchanged at 4.94 percent, with fees increasing to 1.09 percent from 1.06 percent on loans that are 80 percent of the value of the home.
• 15 year fixed rate mortgage interest rates remained unchanged at 4.33 percent, with fees increasing to 1.02 percent from 0.95 percent on loans that are 80 percent of the value of the home.
• One-year ARM interest rates decreased slightly to 6.67 percent from 6.68 percent with fees increasing to 0.32 percent from 0.35 percent for loans that are 80 percent of the value of the home.

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