Wednesday, November 23, 2011

Applications for purchase mortgages rise

Source: Calculated Risk

The Refinance Index decreased 4.0 percent from the previous week to its lowest level since July 29, 2011. The seasonally adjusted Purchase Index increased 8.2 percent from last week to its highest level since August 12, 2011.
...
"Purchase applications increased last week, returning to levels from before the Veteran's Day holiday," said Michael Fratantoni, MBA's Vice President of Research and Economics. "However, purchase activity remains almost 5 percent below last year's level."
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The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) remained unchanged at 4.23 percent, with points decreasing to 0.46 from 0.52 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. ...

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500)increased to 4.59 percent from 4.56 percent, with points decreasing to 0.40 from 0.46 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

Although the purchase index increased, the index is still sharply below the levels of June and July - and at about the same level as in 1996. This does not include cash buyers, and, according to the NAR, cash buyers "accounted for 29 percent of purchases in October".

URL to original article: http://www.builderonline.com/builder-pulse/applications-for-purchase-mortgages-rise.aspx?cid=BP:112311:JUMP

For further information on Fresno Real Estate check: http://www.londonproperties.com

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