From Realtor Magazine Online, Daily Real Estate News January 7, 2009
Mortgage applications slipped a little last week from the frenzied pace of the previous few weeks following Federal Reserve action that drove mortgage rates down nearly a full percentage point.
The weekly index calculated by the Mortgage Bankers Association fell to 1143.8, down 8.2 percent on a seasonally adjusted basis from 1245.7, the previous week. The results are adjusted to reflect the New Year’s Day holiday.
On an unadjusted basis, the index decreased 8.9 percent compared with the previous week and was up 28.3 percent compared with the same week a year ago.
Refinances accounted for 79.8 percent of the applications.
Orawin Velz, associate vice president of economic forecasting at the MBA, speculated that many potential borrowers held off in hopes that rates will fall further. "With all the talk that the Fed is buying, rates could drop further and (borrowers) may say, 'Why not wait a little more,” he said.
* 30-year fixed-rate mortgages increased to 5.07 percent from 5.03 percent;
* 15-year fixed-rate mortgages decreased to 4.67 percent from 4.79 percent;
* 1-year ARMs decreased to 5.90 percent from 6.15 percent.
Source: Mortgage Bankers Association (01/07/2009)
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