Dennis Norman
For the third 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 July 30,2010,the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 1.5 percent from the week before. The four-week moving average of home purchase mortgage applications has finally moved into the black again and stands at an increase of 0.3 percent for this period.
The Mortgage Refinancing index increased 1.3 percent from the week before. The refinance share of mortgage applications remained flat at 78.0 percent.
Interest rates for the week ended July 30,2010:
- 30 year fixed-rate mortgage interest rates decreased to 4.60 percent from 4.69 percent,with fees increasing to 0.93 percent from 0.88 percent on loans that are 80 percent of the value of the home.
- 15 year fixed rate mortgage interest rates decreased to 4.03 percent from 4.12 percent,with fees increasing to 1.01 percent from 0.83 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.
- One-year ARM interest rates decreased slightly to 7.10 percent from 7.15 percent,with fees decreasing to 0.21 percent from 0.23 percent on loans that are 80 percent of the value of the home.
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