Mortgage Bankers Association

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With mortgage rates almost flat, activity drops

Freddie Mac says the 30-year fixed-rate mortgage (FRM) averaged 5.03 percent for the week, up from last week’s 5.00 percent but way below 6.46 percent last year at this time. dollar-signs-money-clip-art-thumb2184272

And the Mortgage Bankers Association’s latest report is that loan application volume for the week ending Oct. 23 dropped 12.3 percent on a seasonally adjusted basis from one week earlier.   On an unadjusted basis, the decrease was 2.8 percent compared with the previous week, which included the Columbus Day holiday. Continue reading →

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Mortgage bankers see rates rising in 2010

Fixed mortgage rates are expected to average about five percent in the fourth quarter of 2009 and increase to 5.6 percent by the end of 2010, according to the Mortgage Bankers Association (MBA). Continue reading →

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Mortgage loan activity slips for week ending Oct. 9

The Mortgage Bankers Association (MBA) said today that mortgage loan application volume decreased 1.8 percent on a seasonally adjusted basis for the week ending Oct. 9 from one week earlier. On an unadjusted basis, the change was 1.7 percent compared with the previous week.

The Refinance Index dipped 0.1 percent from the previous week, and the seasonally adjusted Purchase Index decreased 5.0 percent from one week earlier. Unadjusted, purchase activity dropped 4.8 percent compared with the previous week and was 6.8 percent lower than the same week one year ago.

The average contract interest rate for 30-year fixed-rate mortgages increased to 5.02 percent from 4.89 percent, and the average contract interest rate for 15-year fixed-rate mortgages increased to 4.44 percent from 4.32 percent. The average contract interest rate for one-year ARMs increased to 6.71 percent from 6.56 percent.

Additional information about mortgages can be found in my e-newsletter.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
http://www.ServiceYouCanTrust.com

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Surprising economic reports trim mortgage rates

The 30-year fixed-rate mortgage (FRM) averaged 5.22 percent for the week, down from last week’s 5.25 percent and 6.52 percent at the same time last year, according to Freddie Mac. Continue reading →