Posted by OR on 7/21/10 10:23am
Msg #345825
There could be some good news out there.
The Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending July 16, 2010. The overall index was +7.6%. The Refinance Index increased +8.6%, the highest since May 15, 2009. The report showed that the increase was all about conventional refinancing. The Purchase Index also shoed an increase +3.4%, all driven by government purchase applications. Borrowers are looking for the lower downpayment requirements that government mortgages offer. The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.59 percent from 4.69 percent, with points increasing to 1.04 from 0.96 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. This was the lowest 30-year contract rate ever recorded in the survey. The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.05 percent from 4.12 percent, with points decreasing to 0.88 from 1.04 (including the origination fee) for 80 percent LTV loans. This was the lowest 15-year contract rate ever recorded in the survey. The average contract interest rate for one-year ARMs decreased to 7.17 percent from 7.20 percent, with points increasing to 0.24 from 0.22 (including the origination fee) for 80 percent LTV loans.
|
