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For the week ending August 12, the total number of mortgage applications increased from the previous week, the Mortgage Bankers Association's weekly survey revealed.
Overall, 4.1 percent more applications were submitted, as more homeowners attempt to refinance in order to take advantage of the current low interest rates.
The MBA's Market Composite Index, which measures total mortgage loan applications, was up on a seasonally adjusted basis and 3.6 percent unadjusted. The Refinance Index continued to improve as well, as it grew 8 percent on an adjusted basis. This level is still well below last year's mark, however. The Purchase Index did not follow suit, however, as its level dropped 9.1 percent on an adjusted basis, as the turbulent economy may have scared many potential property seekers away.
"Unprecedented volatility in the stock market last week amid additional signs that the economy has slowed led to further drops in mortgage rates, with the 15-year rate reaching a new low for the MBA survey," said Michael Fratantoni, MBA's vice president of research and economics.
The four-week averages for the Market and Refinance Indices increased during the week, growing by 6.9 percent and 10.1 percent, respectively. The four-week average for the Purchase Index, however, was down 2.2 percent.
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