Saturday, May 29, 2010

Mortgage Interest Rates Down - Mortage Refinance Interest Up

 All last week mortgage interest rates were fluctuating lows not seen since the '50's.  Here is an article that summarizes the most recent week: 

In yet another report designed to help determine the state of the U.S. economy, the Mortgage Bankers Association has released their weekly mortgage report. The results are out on home purchase rates, mortgage interest rates, and refinance rates, and the news is not very positive.
While applications from homeowners who are trying to refinance their mortgages escalated for the seventh time in as many months, new loans for purchases of new or existing homes remained deeply slumped, decreasing 3.3% in a third consecutive drop.
Even as interest rates reached their lowest level this year — at 4.8% for a 30-year mortgage, 4.25% for a 15-year mortgage, and 6.8% for an adjustable rate — the expiration of the mortgage tax credit, which provided major incentive to get people to purchase homes, has impacted the purchase rate considerably, bringing the purchase rate to its lowest point since 1997.

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