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Today’s Bloomberg BusinessWeek article reported that, for the fifth consecutive week, the number of mortgage applications increased. This streak could be attributed to more people refinancing their loans as mortgage rates hit record lows. The Mortgage Bankers Association’s index was up 2.7% in the week ending August 27, according to the Bloomberg BusinessWeek article. Refinancing increased … Continue reading Mortgage Applications Index Increases for Fifth Straight Week Zimonet.com posted two articles over the past two days on how more homeowners are switching to a 15-year mortgage as a way to pay off their house and get out of debt more quickly. The articles also point out that, although it is an attractive option, it isn’t for everyone. According to information from CoreLogic, a … Continue reading 15-Year Mortgage Becoming Attractive to More Homeowners Despite mortgage rates falling to their lowest levels in decades, applications for home loans remained stagnant, the Associated Press reported today. The Mortgage Bankers Association says that overall applications rose 0.6% from the previous week, according to the AP. Applications for refinancing and home purchases increased by seasonally adjusted rates of 0.6% and 0.3%, respectively. The … Continue reading Record-Low Interest Rates Do Nothing for Mortgage Applications Mortgage rates are at record lows, the Wall Street Journal reported today. Interest on 30-year fixed loans fell from 4.54% last week to 4.49% this week. This week’s 15-year mortgage rate is 3.95%, down from 4% last week. Five-year adjustable-rate mortgages are at a new low of 3.63%, compared to 3.76% a week ago. One-year … Continue reading Affordable Financial Services Weekly Finance Review Remember the old commercials urging people to turn their home equity into cash for new cars, vacations and other luxuries? Well, people are still cashing out, but for a different reason: to decrease the size of their home loan. MarketWatch reported today that “cash-in refinancing” is the new trend in which borrowers tap their home equity … Continue reading Homeowners Use Cash-in Refinancing to Pay Down Mortgages The Wall Street Journal is reporting today that the number of mortgage applications to buy a home fell again to its lowest level in 13-1/2 years. The Mortgage Bankers Association released data showing that applications for new homes dropped by 3.1% last week from the week before. After seeing a 14-month high two weeks ago, the … Continue reading Mortgage Applications Fall Again While the 30-year mortgage rate increased, the rate for the 15-year mortgage went down to a record low. The Wall Street Journal reported that the 30-year rose slightly from 4.78% last week to 4.79% for the week ending June 3. Meanwhile, the 15-year rate dropped from 4.21% last week to 4.2% this week — the … Continue reading Affordable Financial Services Weekly Finance Review After weeks of seeing mortgage rates take off since the government stopped buying mortgage-backed securities last month, mortgage rates have fallen for the first time this week. Reuters reported today that interest rates on 30-year fixed-rate mortgages averaged 5.07% for the week ending April 15, down from 5.21% the week before. Last week’s rate was … Continue reading Mortgage Rates Drop for First Time in 5 Weeks |
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