Are you looking to purchase a new home or refinance your existing mortgage. If so, contact Home Loan for a FREE, No Obligation, mortgage consultation. 1-800-223-1700 As the weeks go by, it feels like it is only a matter of time before residential financing rates start to climb. Even so, that hasnt been the case yet. According to Freddie Mac, the 30-year fixed-rate mortgage declined once more on a weekly basis, now at 3.63% compared to 3.66%. A similar drop was seen with the 15-year FRM, down from 2.98% to 2.93%. So far, these are the new low points for 2015. In addition, the Mortgage Bankers Association reported that mortgage applications were also moving in a positive direction, increasing by 14.2% for the week ending Jan. 16. Refinanced mortgages comprised 74% of total activity, while adjustable-rate mortgages were only sought out 6.4% of the time. Mortgage application volume increased last week to its highest level since June 2013, led by a 22% increase in refinance application volume, explained Mike Fratatoni, chief economist for the MBA. This increase was largely due to mortgage rates dropping to their lowest level since May 2013. However, the recent reduction in FHA mortgage insurance premiums also played a role: FHA refinance applications increased 57% last week. homeloanbank
Posted on: Fri, 23 Jan 2015 22:41:00 +0000
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