Market Conditions, News, Relocation

Mortgage Applications Rise Over 20%

With rates at a low, wise buyers and home owners are both seeking to either snap up some outstanding deals or simply refinance and increase their effective income.

“Raw mortgage application volume rose 21.2 percent for the week ending March 13, according to a survey published Wednesday by the Mortgage Bankers Association. It was the second consecutive week of increased raw activity, while refinancing applications continued to rise, surging 29.6 percent over the previous week. Purchase application activity also rose slightly, coming in 1.5 percent higher than last week, when it had posted a 7 percent increase. …

… rates eased across the board in the week, with 30-year fixed rates down to 4.89 percent from 4.96 percent a week earlier. Meanwhile, 15-year fixed rates slipped down slightly to 4.52 percent from 4.54 percent the week before, and one-year adjustable-rate mortgages averaged a 6.2 percent interest rate, down slightly from 6.21 a week earlier.”

Click here to read the entire article regarding last weeks average mortgage rates and activity.