Posted by OR on 10/5/11 10:26am
Msg #399662

mortgage applications up date from Rate Alert

Earlier this morning the MBA mortgage applications declined last week. Purchase applications fell 0.8% in the September 30 week in a soft ending to a solid month. Mortgage rates, the lowest since the 1940s, are a positive for housing demand as they are for refinancing demand. The refinance index, though down 5.2% in the latest week, has been rising sharply. The report notes that many refinance borrowers are deleveraging by moving to 15-year terms with the maturity making up 27% of the week's refinancing volume for the highest share on record. The average 15-year rate is 3.49%, up three basis points in the week. Total applications were down 4.3%.