Read latest news on mortgage rates, foreclosures, new home sales, home price indices, housing price boom & crash, commercial property trends etc
HOT REAL ESTATE NEWS FROM ACROSS THE WORLD
U.S. mortgage demand at six-week highs on refinance wave Wednesday, February 03, 2010
NEW YORK (Reuters) – Demand for U.S. home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday
Applications to buy homes and refinance loans jumped last week to mid-December levels as average 30-year mortgage rates held near 5 percent.
The industry group's mortgage index jumped 21 percent last week, fueled by a 26.3 percent leap in demand for refinancing as purchase loan requests increased 10.3 percent.
The 30-year mortgage rate dipped 0.01 percentage point to 5.01 percent.
But this borrowing cost was 0.40 percentage point above the record low set last March and seen headed higher throughout the year.
"Rates continue to hover around 5 percent, quite low by historical standards, but are well above the record lows seen in 2009 and hence are not generating substantial refi volume," said Michael Fratantoni, MBA's vice president of research and economics.
Last spring when mortgage rates hit rock bottom, the index for refinance applications was more than double its current level.
Nonetheless, as the U.S. housing market claws its way out of the worst crash since the Great Depression there are increasing signs that the important spring selling season could be relatively healthy.
Affordability remains high with mortgage rates still historically low and average home prices plunging about 30 percent from 2006 peaks before stabilizing since last summer.
The government's bonus to first-time and move-up buyers via a tax credit remains in place for several more months, luring buyers who have been sitting on the sidelines waiting for some signs of stability
Recent Searches
New houses in houston, latest housing news usa, latest us real estate news, trends in interest rates 2007 to 2010, seasonal home matainence in new york, austin new house builder, 6500 tax credit occupancy, miami new home developments, houses in minneapolis for sale, exclusive realty in georgia, gated town homes communities in connecticut, irs long-time resident 6500, houston apartment builders,condos and townhouses for sale in ohio, exclusive new homes georgia, town properties in cincinnati, dream home builders utah, Cincinnati realestate, dream home builders,utah
new apartments in san francisco, new apartments in san francisco, new apartments for sale in san francisco, californiacondobuilders, list of new home builders in ohio, cheap real estate across us, utah troubled banks, gated community real estate hawaii, new apartment for sale atlanta,top home builders in us, best town in colorado, should fannie mae and freddie mac be abolished, bank of america foreclosure complaints, city realcom latest news, home builders hawaii, Washington DC real estate, hot commercial real estate markets, apartments builders in dallas, new houses in philadelphia, home loan submit site, troubled utah banks, new home builders in tennessee, new houses in ga, town home for sales los angeles, town home for sales los angeles, houston apartment builders, houston apartment builders, exclusive real estate florida, exclusive homes florida, new home builders hawaii,new apartments in colorado,new apartments in colorado,best condo in los angels for rich singles
Follow on Twitter
Latest US Realty News
Add News Feed
News Headlines XML