Sahmama24
Joined: 19 Jan 2010
Posts: 26
Location: Delaware
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| Posted: Wed Jan 20, 2010 8:19 pm Post subject: Positive on the Mortgage Front |
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Mortgage application volumes increased a seasonally adjusted 9.1% last week from the week before, mainly reflecting an uptick in refinancing activity, the Mortgage Bankers Association reported on Wednesday.
Refinancing filings rose 10.7% for the week ended Jan. 15, according to MBA's latest survey. Applications for mortgages to buy homes were also up, increasing a seasonally adjusted 4.4%.
The increases were similar to the pattern seen during the first week of the year.
The four-week moving average for all mortgages through Jan. 15 was down 1%, the MBA said.
Applications to refinance existing home loans made up 71.7% of all filings, up from 71.5% the previous week. Adjustable-rate mortgages accounted for 4.1%, up from 4%.
Meanwhile, 30-year fixed-rate mortgages carried an average interest rate of 5% last week, down from 5.13% the week before.
Mortgage Applications Rose 9.1% Last Week
The rate charged on 15-year fixed-rate mortgages averaged 4.33%, down from 4.45%, and one-year ARMs had an average rate of 6.72%, down from 6.83%.
To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 1.05 points, the 15-year fixed-rate mortgage required an average 1.19 points and the one-year ARM required an average 0.31 point. A point is 1% of the mortgage amount, charged as prepaid interest.
The Washington-based MBA's survey covers about half of all U.S. retail residential mortgage applications. |
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