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Record Low Mortgage Rates Likely Prompting More Mortgage Application Activity
|Prospective homebuyers continue to benefit from record-low mortgage rates, as reported by Freddie Mac, while those who already own a home are also refinancing.
Tuesday August 14th, 2012
Prospective homebuyers continue to benefit from record-low mortgage rates, as reported by Freddie Mac, while those who already own a home are also refinancing.
The most recent Weekly Mortgage Applications Survey from the Mortgage Bankers Association reveals that application activity increased 0.2 percent from the previous week, as more consumers are investing in the American Dream. On an unadjusted basis, the Market Composite Index showed similar increases from the week before.
Current homeowners also turned in more mortgage applications to refinance their current mortgage, as refinances represented 81 percent of all applications for the week ending July 27. According to the survey, the Refinance Index increased 0.8 percent from the week before, also reaching its highest level since April 2009.
While conventional refinance activity increased around 2 percent, MBA notes there was a 6 percent drop in refinance applications for mortgages from government-sponsored enterprises.
Data from last week's Primary Mortgage Market Survey by Freddie Mac shows fixed mortgage rates posted new record lows for the 14th consecutive week. Despite reports from the National Association of Realtors that home prices and values are rising, becoming a homeowner is significantly more affordable compared to this time last year.
Additionally, the seasonally adjusted Purchase index also slipped 2 percent from the previous week, as did the unadjusted Purchase Index.
National real estate trends have a major impact on the real estate market on a daily basis. Keeping up-to-date on the latest news and notes posted by GL Homes can make sure those looking for South Florida homes know exactly how the current market will affect them.