Mortgage Applications Up...Rates Down

The best thing for all of us is seeing this happen! More people are buying and a few are refinancing. And the deals are actually going through!! Yeah!! Here is an interesting article that was recently published. Provide us your feedback at www.InvestSmarter.com


Mortgage Volume Up 7.5%, Rates Down The Mortgage Bankers Association reports a 7.5-percent increase in home loan demand during the week ended Aug. 29. The index indicates a 10.5-percent jump in purchase applications and a more modest 2.1-percent rise in refinancing requests. Additionally, the group's index tracking mortgages backed by the FHA surged 19.9 percent. Refi demand accounted for 34 percent of all application volume and adjustable-rate loans accounted for 6.6 percent--versus 35.2 percent and 7.9 percent, respectively, the prior week. The report also shows a drop in the 30-year fixed mortgage rate to 6.39 percent from 6.44 percent and a decrease in the one-year adjustable mortgage rate to 7.11 percent from 7.15 percent, while the 15-year fixed rate edged up to 5.96 percent from 5.94 percent. Source: MarketWatch, Amy Hoak (09/03/08)

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