Tuesday, September 26, 2006
mortgage rates lower now than when this blog started
Only here was this predicted.
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By Rex Nutting
Unmoved by a big drop in interest rates, the volume of applications for mortgages at major U.S. banks declined 4.9% last week, the Mortgage Bankers Association reported Wednesday.
The seasonally adjusted number of applications for purchase loans fell 5.5% on a week-to-week basis, to the lowest level since November 2003. The number of refinancing applications decreased by 4.1%.
Refinancings accounted for 44.3% of loans, the largest share since September 2005. With interest rates declining in recent weeks, homeowners eager to refinance their mortgages has soared.
Mortgage applications overall are down 21.1% in the past year, in line with other indicators of a rapidly cooling housing market.
Average mortgage rates plunged last week, mirroring the recent decline in other long-term rates. The average rate for a 30-fixed rate loan fell 18 basis points, sinking to 6.18% from 6.36%, while the average rate on a 15-year loan dropped to 5.81% from 6.04%.
The average rate on a one-year adjustable rate sank to 5.90% from 5.95%. The spread between the one-year ARM rate and a 30-year fixed rate fell to 28 basis points, the narrowest seen since January 2001.
Accordingly, the share of mortgages with ARMs fell to 26.4% from 27%.
-Rex Nutting; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
Hmmmmm that's not what you were expecting was it!
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Unmoved by a big drop in interest rates, the volume of applications for mortgages at major U.S. banks declined 4.9% last week, the Mortgage Bankers Association reported Wednesday.
The seasonally adjusted number of applications for purchase loans fell 5.5% on a week-to-week basis, to the lowest level since November 2003. The number of refinancing applications decreased by 4.1%.
Refinancings accounted for 44.3% of loans, the largest share since September 2005. With interest rates declining in recent weeks, homeowners eager to refinance their mortgages has soared.
Mortgage applications overall are down 21.1% in the past year, in line with other indicators of a rapidly cooling housing market.
Average mortgage rates plunged last week, mirroring the recent decline in other long-term rates. The average rate for a 30-fixed rate loan fell 18 basis points, sinking to 6.18% from 6.36%, while the average rate on a 15-year loan dropped to 5.81% from 6.04%.
The average rate on a one-year adjustable rate sank to 5.90% from 5.95%. The spread between the one-year ARM rate and a 30-year fixed rate fell to 28 basis points, the narrowest seen since January 2001.
Accordingly, the share of mortgages with ARMs fell to 26.4% from 27%.
-Rex Nutting; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
Hmmmmm that's not what you were expecting was it!
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: 9/27/2006 9:33 AM
: 9/27/2006 9:33 AMSubscribe to Post Comments [Atom]
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