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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 With mortgage rates at record lows, some homeowners are still not taking advantage of them, but through no fault of their own. Today’s CNNMoney article reports how the new lending requirements are turning away borrowers who, under the old lending rules, would have been eligible for a loan. Last week, mortgage rates fell for the eighth … Continue reading Some Homeowners Unable to Take Advantage of Record-Low Interest Rates 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 The Mortgage Bankers Association reported today that applications to purchase homes were up 1.5% last week compared to the previous week. This slight uptick could be attributed to the increasing volume of government loans and remarkably low mortgage rates. The unadjusted purchase index also rose by the same percentage, according to the MBA. Compared to four … Continue reading Mortgage Applications Rise 1.5% 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 The Associated Press reported today that there was an increase in the number of applications for home loans last week as people sought to take advantage of the ever-decreasing interest rates. But the people jumping on the low-interest rate bandwagon aren’t those looking to buy a home; it’s those who already own a home. Data from … Continue reading Mortgage Applications Rise, But — Still — No Buyers The Washington Post reported today that 30-year fixed-rate mortgages fell to 4.69% this week, down from 4.75% last week. According to Freddie Mac, this is the lowest rate since the government-owned lender tracked such data in 1971. This news should encourage more people to buy a home, but, in reality, the opposite is happening. Citing the … Continue reading Can Record-Low Mortgage Rates Propel Home Sales? 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 |
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