Refinance Mortgage Applications up 30% Over Four Weeks Due to Low Interest Rates on Home Loans
Posted on | July 27, 2010 | No Comments
Mortgage data has recently shown that refinance mortgage applications are up 30% over the past four weeks and much of this is due to the fact that interest rates are very low for home loans. Zillow.com has recently reported that 30 year fixed mortgage rates are as low as 4.37% in some areas. The Mortgage Bankers Association reported 30 year fixed rates at 4.59% last week which was down from 4.69% from the previous week. It is important to note that Zillow.com and the MBA do not report the same numbers and there will likely not be a drop all the way to 4.37% in the MBA data released later this week.
With mortgage interest rates at these historic low levels refinance mortgage applications continue to pick up. Last week refinance applications were up 9% and refinancings account for almost 80% of all mortgage applications which is the largest percentage since April of 2009.
With the expiration of the first time home buyer tax credit at the end of April 2010 it comes as little surprise to see purchase applications continue to struggle. With no government incentives to purchase a home, first time buyers are sitting on the sidelines and seeing what happens next.
Author: Alan Lake
Comments
Leave a Reply