Dennis Norman
For the fourth-consecutive week,there has been a little increase in consumers applying for a mortgage to buy a home. According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending August 6,2010,the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 0.3 percent from the week before. The four-week moving average of home purchase mortgage applications is up 1.8 percent for the period.
The Mortgage Refinancing index increased 0.6 percent from the week before. The refinance share of mortgage applications increased slightly to 78.1 percent from 78.0 percent the week before.
Interest rates for the week ended August 6,2010:
- 30 year fixed-rate mortgage interest rates decreased to 4.57 percent from 4.60 percent,with fees increasing to 0.89 percent from 0.93 percent on loans that are 80 percent of the value of the home. This is the lowest 30-year interest rate ever recorded in the survey.
- 15 year fixed rate mortgage interest rates decreased to 3.95 percent from 4.03 percent,with fees increasing to 1.08 percent from 1.01 percent on loans that are 80 percent of the value of the home. This is the lowest 15-year interest rate ever recorded in the survey and breaks last weeks record low rate.
- One-year ARM interest rates decreased slightly to 7.00 percent from 7.10 percent,with fees increasing to 0.22 percent from 0.21 percent on loans that are 80 percent of the value of the home.
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