Dennis Norman
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending September 18, 2009. The report showed an increase of 12.8 percent in mortgage loan applications from the week before fueled by interest rates dropping below 5 percent for the first time since mid-May.
Unfortunately it doesn’t appear as though the low interest rates are helping home sales and much as refi’s as the bulk of the activity (63.8 percent of all applications) were homeowners refinancing their existing mortgages. Over the past four weeks shows homeowners refinancing existing loans is up 6.8 percent while borrowers financing the purchase of a home is only up 0.7 percent.
Interest rates and fees for the week:
- 30 year fixed-rate mortgage interest rates decreased to 4.97 percent from 5.08 percent the previous week, with fees increasing to 1.12 percent from 0.98 percent on loans that are 80 percent of the value of the home
- 15 year fixed rate mortgage interest rates remained unchanged at 4.41 percent with fees decreasing to 1.05 percent from 1.12 percent on loans that are 80 percent of the value of the home
- One-year ARM interest rates decreased to 6.52 percent from 6.61 percent, with fees increasing to 0.28 percent from 0.20 for loans that are 80 percent of the value of the home
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Hey Michael,
Thanks for the nice comment…If I can help you on your blog in any way please let me know…I don’t claim to be an expert but I have figured out a few things along the way hit and miss..
Also we operate several real estate related blogs…we are always looking for contributors…a good way to help build yourself some traffic would be to submit some articles to us which, if they meet our guidelines, we would publish under your name linking back to your site. If you have an interest in contributing please let me know
Take care, Dennis