Dennis Norman
Interest rates dropped to new record lows this past week bring out existing homeowners to refinance their existing mortgages and even bringing out some homebuyers.
According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending August 27,2010,the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 1.8 percent from the week before. The four-week moving average of home purchase mortgage applications is down 0.2 percent for the period.
The Mortgage Refinancing index increased 2.8 percent from the week before and is at its highest level since May 1,2009. The refinance share of mortgage applications increased to 82.9 percent from 82.4 percent the week before hitting the highest level since January 2009.
Interest rates for the week ended August 27,2010:
- 30 year fixed-rate mortgage interest rates decreased to 4.43 percent from 4.55 percent,with fees increasing to 1.34 percent from 0.89 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 3.88 percent from 3.91 percent,with fees decreasing to 1.45 percent from 1.64 percent on loans that are 80 percent of the value of the home.
- One-year ARM interest rates increased to 6.95 percent from 6.84 percent,with fees decreasing to 0.23 percent from 0.22 percent on loans that are 80 percent of the value of the home.
Related posts:
- Home purchase mortgage applications increase as do interest rates for the week
- Home purchase mortgage applications increase for third consecutive week;interest rates hold steady
- Interest Rates Increase Slightly;Home Loan Applications Rise Again This Week
- Record-Low Interest Rates Spur Refinancing;Home Purchase Mortgage Applications Increase Slightly
- Home Mortgage Purchase Applications Decrease;Rates Near Historic Lows