Dennis Norman
With mortgage rates near an all-time low one might expect a lot more people taking advantage and buying a home. However, even low interest rates have not been enough to fire up home-buyers although, for the second consecutive week, there has been a little increase in activity.
According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending July 23, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 2.0 percent from the week before. The four-week moving average of home purchase mortgage applications made some progress but has inched it’s way out of the red and up to even at this point.
After last weeks 8.6 percent increase in the Mortgage Refinancing index, it is back on the decline decreasing 5.9 percent from the week before. The refinance share of mortgage applications decreased to 78.0 percent, after being at the highest level since April 2009 the week before.
Interest rates for the week ended July 16, 2010:
- 30 year fixed-rate mortgage interest rates increased to 4.69 percent (can you say still CHEAP??) from 4.59 percent, with fees decreasing to 0.88 percent from 1.04 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased to 4.12 percent from 4.05 percent, with fees decreasing to 0.83 percent from 0.88 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates decreased slightly to 7.15 percent from 7.17 percent, with fees decreasing to 0.23 percent from 0.24 percent on loans that are 80 percent of the value of the home.
Related posts:
- Home Purchase Mortgage Applications Increase Slightly for Third-Consecutive Week
- Home purchase mortgage applications increase for third consecutive week; interest rates hold steady
- Home purchase mortgage applications increase as do interest rates for the week
- Home purchase mortgage applications increase as interest rates fall slightly
- Home Purchase Mortgage Applications Last Week Plummet; Interest Rates Decrease Slightly