Daily Real Estate News  |  September 5, 2008

Mortgage Volume Up 7.5%, Rates Down

The Mortgage Bankers Association reports a 7.5-percent increase in home loan demand during the week ended Aug. 29.

The index indicates a 10.5-percent jump in purchase applications and a more modest 2.1-percent rise in refinancing requests.

Additionally, the group's index tracking mortgages backed by the FHA surged 19.9 percent. Refi demand accounted for 34 percent of all application volume and adjustable-rate loans accounted for 6.6 percent--versus 35.2 percent and 7.9 percent, respectively, the prior week.

The report also shows a drop in the 30-year fixed mortgage rate to 6.39 percent from 6.44 percent and a decrease in the one-year adjustable mortgage rate to 7.11 percent from 7.15 percent, while the 15-year fixed rate edged up to 5.96 percent from 5.94 percent.

Source: MarketWatch, Amy Hoak (09/03/08)

Daily Real Estate News  |  September 3, 2008

Mortgage Applications Rise for Second Week

Mortgage applications rose last week for the second week in a row. They increased 7.5 percent on a seasonally adjusted basis to 453.1 from 421.6 the previous week.

On an unadjusted basis, the index increased 5.8 percent compared with the previous week and was down 27 percent compared with the same week a year ago.

The refinance index rose 2.1 percent and the purchase index was up 10.5 percent. The increases coincided with a decline in mortgage rates.

• 30-year fixed-rate mortgages decreased to 6.39 percent from 6.44 percent
• 15-year fixed-rate mortgages increased to 5.96 percent from 5.94 percent
• 1-year ARMs decreased to 7.11 percent from 7.15 percent

Source: Mortgage Bankers Association (09/03/2008)

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