|
Digital News Report – The numbers of people that are applying for a mortgage loan has increased 7.6 percent (seasonally adjusted) from the previous week according to the Weekly Mortgage Application Survey by the Mortgage Bankers Association (MBA). The unadjusted calculation was a 19.5 percent increase seen in the number of home loan application processed from the previous week.
Refinancing home loans was also on an upward trend this past week with an increase of 8.6 percent and was the highest rate since May 15th, 2009. The mortgage loan refinance was increased in the conventional refinance programs with 10.7 percent increase compared to 4.2 percent decrease seen with the government sponsored refinance programs.
Mortgage loan rates are at historical lows and the survey has recorded the lowest levels on the 30 and 15 year fixed terms this past week. Because of the low interest mortgage rates refinancing as well as home loan application rates have increased.
Average mortgage interest rate for a 15 year fixed rate home loan was 4.05 percent which was a decrease from 4.12 percent previously. The survey said that this was the lowest mortgage interest rate that they ever recorded.
The interest rate for a 30 year fixed rate mortgage loan was averaging 4.59 percent which was lowered from the previous interest rate of 4.69 percent.
By: Victoria Brown
|
