Home Purchase Applications Rise 6.3%

Daily Real Estate News, September 8, 2010

Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.The Refinance Index decreased 3.1 percent from the previous week.

“Purchase applications increased last week, reaching the highest level since the end of May. However, purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago,” said Michael Fratantoni, MBA’s vice president of research and economics.

Mortgage rates rose slightly last week:

* 30-year fixed-rate mortgages increased to 4.5 percent from 4.43 percent.
* 15-year fixed-rate mortgages increased to 4 percent from 3.88 percent.
*1-year ARMs increased to 7 percent from 6.95 percent.

Source: Mortgage Bankers Association (09/08/2010)

Home, James! ® Ocean View Beach Homes & Condos - San Diego & Orange County - Newport Beach, Corona del Mar, Newport Coast, Laguna Beach, Laguna Niguel, Monarch Beach-Dana Point, Coto de Caza, San Juan Capistrano, San Clemente, Oceanside, Bonsall, Fallbrook, Temecula, Pala, Pauma Valley, Valley Center, Carlsbad, Encinitas, Cardiff, Solana Beach, Rancho Santa Fe, Carmel Valley, Del Mar, La Jolla, Pacific Beach, Point Loma, Downtown San Diego and Coronado Island. If you are seeking a traditional sale, or information about short sales or REO-foreclosures, or for anything "real estate" along the entire California Riviera from Orange County to the Mexican Border just say, "Home, James!®". (www.homejames-usa.com, www.homejames-california.com, www.homejames-sandiego.com, www.homejames-lajolla.com, www.homejames-ranchosantafe.com, www.homejames-orangecounty.com, http://www.invest-in-california-property.com/)