Mortgage Interest Rates Drop Back Below 5 Percent

Home Loan Applications Jump 11.7 Percent Last Week after decreasing two prior weeks

Dennis Norman

The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending February 26, 2010. The report showed the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 11.7 percent from the week before and the four-week moving average for the index is down 2.7 percent.

“Mortgage applications rebounded last week, particularly refis, as rates dropped back below 5 percent,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.  “Purchase activity remains subdued, with application volumes remaining within the narrow range seen in the last few months.”

Interest rates and fees for the week:

• 30 year fixed-rate mortgage interest rates dropped back below the 5 percent mark landing at 4.95 percent, down from 5.03 percent, with fees decreasing as well to .99 percent from 1.34 percent on loans that are 80 percent of the value of the home.
• 15 year fixed rate mortgage interest rates decreased slightly to 4.27 percent from 4.35 percent, with fees increasing to 1.36 percent from 1.31 percent on loans that are 80 percent of the value of the home.
• One-year ARM interest rates decreased slightly to 6.77 percent from 6.80 percent with fees decreasing to 0.29 percent from 0.33 percent for loans that are 80 percent of the value of the home.

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