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Home » Business » Mortgage Loan Lenders report increase on Home Loan Application and Refinancing

Mortgage Loan Lenders report increase on Home Loan Application and Refinancing

By Victoria Brown on July 21, 2010
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Digital News Report

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

  1. Mortgage Interest Rates Lower making Home Loan Refinancing Attractive to Homeowners
  2. Refinance Home Loan Rates Mixed – Refinancing Mortgage Interest Rates Lower This Week
  3. Refinance Home Loan with Government Home Affordable Refinancing Program
  4. Home Loan Refinancing up with Historically Low Interest Rates
  5. Home Loan Refinancing Rates – Mortgages Moving Higher This Week

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