Mortgage Applications Rise
Mortgage Applications Rise
The Mortgage Bankers Association released its index of US mortgage applications on Wednesday, reporting that purchase applications rose to their highest level since November 2008. The overall mortgage application index, which includes both purchase and refinancing applications, rose 2.1 percent for the week ending November 19th after falling 14 percent the previous week.
The purchase portion of the index rose 14.4 percent, the largest gain for the measure in two years, while the refinance measure declined 1 percent. Borrowing costs at or near record lows and discounted home prices are helping the housing market stabilize as it recovers from the April expiration of federal tax credits for homebuyers, although economists say a full recovery is still way off as unemployment continues to hover around 10 percent.
The percentage of homeowners looking to refinance their loans dropped to 78.6 percent from 80.3 percent the week prior. The average rate on a 30 year fixed-rate mortgage climbed to 4.50 percent from 4.46 percent the week before. At the current rate, monthly payments on that type of mortgage come to $506 per $100,000 borrowed, about $20 less than this time last year when the rate was averaging 4.83 percent.
The average rate for a 15 year fixed-rate, meanwhile, fell to 3.83 percent from 3.87 percent a week ago, and the rate for a 1 year adjustable-rate mortgage fell to 7.09 percent from 7.11 percent. The recovery of the overall housing market is currently being threatened as a number of banks have voluntarily halted foreclosure practices as federal and state authorities investigate faulty paperwork allegations.
The Mortgage Bankers Association released its index of US mortgage applications on Wednesday, reporting that purchase applications rose to their highest level since November 2008. The overall mortgage application index, which includes both purchase and refinancing applications, rose 2.1 percent for the week ending November 19th after falling 14 percent the previous week.
The purchase portion of the index rose 14.4 percent, the largest gain for the measure in two years, while the refinance measure declined 1 percent. Borrowing costs at or near record lows and discounted home prices are helping the housing market stabilize as it recovers from the April expiration of federal tax credits for homebuyers, although economists say a full recovery is still way off as unemployment continues to hover around 10 percent.
The percentage of homeowners looking to refinance their loans dropped to 78.6 percent from 80.3 percent the week prior. The average rate on a 30 year fixed-rate mortgage climbed to 4.50 percent from 4.46 percent the week before. At the current rate, monthly payments on that type of mortgage come to $506 per $100,000 borrowed, about $20 less than this time last year when the rate was averaging 4.83 percent.
The average rate for a 15 year fixed-rate, meanwhile, fell to 3.83 percent from 3.87 percent a week ago, and the rate for a 1 year adjustable-rate mortgage fell to 7.09 percent from 7.11 percent. The recovery of the overall housing market is currently being threatened as a number of banks have voluntarily halted foreclosure practices as federal and state authorities investigate faulty paperwork allegations.
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