Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending October 16, 2009. The report showed an decrease of 16.7 percent in mortgage loan applications for a home purchase from the week as interest rates inched back above 5 percent for the second week in a row.
Refi’s continue to dominate the mortgage application activity, however the percentage of loan applications that were refi’s dropped to 65.0 percent from 67.4 percent the week before.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates increased to 5.07 percent from 5.02 percent the previous week, with fees increasing to 1.13 percent from 1.11 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates increased to 4.51 percent from 4.44 percent with fees decreasing to 0.96 percent from 1.04 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates increased to 6.86 percent from 6.71 percent with fees decreasing to 0.31 percent from 0.32 percent for loans that are 80 percent of the value of the home.
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