Mortgage Applications Are Up This Week, Do You Know Why?
Bird’s eye view of the entire nation:
Demand for mortgages rose last week to its highest level in eight weeks, according to the Mortgage Bankers Association (MBA). Total mortgage applications rose 8.5% from the week prior, and a large chunk of last week’s activity was homeowners taking advantage of refinancing in light of job instability, a climate of rising mortgage delinquencies and bankruptcy filings, loan modification programs under scrutiny, along with record low rates, new home sales rising, pending home sales rising and home prices recovering… it’s a unique environment for sure.
All this together means people are uncertain and fearful and are preparing for that uncertain future by refinancing while others see an administration making noise in advocacy for homeownership and is confident with moving forward.
Here’s how it breaks down:
- Total mortgage loan application volume: up 8.5%
- Refinance index: up 11.1%
- Refinances accounted for 74.4% of total apps
- Purchase applications: up 41.7%
- Purchase apps down 18.8% from same week in 2008
- Government purchase applications: up 10%
- Conventional purchase applications: down 0.2%
If you’re a real numbers nerd (which I totally am), here are bonus stats for last week:
- The portion of apps that were for ARMs: down 4.7%
- Average intereste rate for one-year ARMs: down to 6.55%
- Average interest rate for 30-year fixed: up to 4.88%
- Average interest rate for 15-year fixed: up to 4.33%
What’s it like in your market? What movement in the market are you seeing be it up OR down?
Start spreading the news...
This article published on Thursday, December 10th, 2009 at 12:08 am | Contact the editor
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- kristin terry:
Mortgage Applications Are Up This Week, Do You Know Why?: Bird’s eye view of the entire nation:
Demand fo.. http://bit.ly/6TcX7M - Empower Mortgage:
RT @door2wealth: Mortgage Applications Are Up This Week, Know Why?: Bird’s eye view of the entire nation:
Demand fo.. http://bit.ly/6TcX7M - Short Sales ASAP:
Mortgage Applications Are Up This Week, Do You Know Why? http://bit.ly/7YfOXv #shortsale
- Short Sales ASAP:
Mortgage Applications Are Up This Week, Do You Know Why? http://bit.ly/7djgkE #LoanMod
- realdiggity:
Mortgage Applications Are Up This Week, Do You Know Why?: comments http://bit.ly/59aVUE
- Top 10 real estate posts of the day for 12/10/2009 : Tempe real esatate and free home search:
[...] Mortgage Applications Are Up This Week, Do You Know Why? – Mortgage requests were the highest last week in the last two months. Much of that was [...]
- Hodgkins and O'Hara:
Mortgage Applications Are Up This Week, Do You Know Why? http://bit.ly/6manjc
- A Quick Note:
HO HO HO! More good news for our mortgage related business WOOHOO!! http://bit.ly/4TwipF
- Mark Brian:
Mortgage Applications Are Up This Week, Do You Know Why? http://ow.ly/KFVD
- tj rumler:
RT @markbrian: Mortgage Applications Are Up This Week, Do You Know Why? http://ow.ly/KFVD (I need some of these!)
- brandie young:
Mortgage Applications Are Up This Week, Do You Know Why? http://bit.ly/74aVhB
- Foreclosures Are Down Again- False Hope or Signs of Recovery?:
[...] in America are in foreclosure. This is mixed news but perhaps with yesterday’s news that mortgage application volume is up, signs of stabilization are starting to reveal themselves. Is this wishful thinking on my part? [...]
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
So you’ve decided to either purchase a house or perhaps you are preparing to refinance your home so that you can pay off some credit cards or just to take advantage of the amazing rates that are available out there in the wake of the credit crisis that hit just a couple of years ago. There are many things that you need to research on before you decide to pull the trigger and put your name on the dotted line.