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Refinancing Remains Popular, Applications Slip Slightly
|While mortgage rates continue to provide both current and potential homeowners with high affordability for the major investment, a new report shows application activity slipped for the week ending 4.2 percent.
Wednesday, November 28th, 2012
While mortgage rates continue to provide both current and potential homeowners with high affordability for the major investment, a new report shows application activity slipped for the week ending 4.2 percent.
According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey, less buyers took advantage of low mortgage rates, which remain near the new all-time lows set in the early weeks of October. On an unadjusted basis, the Index decreased 14 percent from the week before. The seasonally adjusted Purchase Index increased 1 percent since the week before, while it was down 9 percent on an unadjusted basis. Despite the slight fall, the unadjusted PI was 12 percent higher than this time last year.
Refinancing remains popular for current homeowners looking to either lower their monthly mortgage payment or decrease the amount of interest they pay over time. The Refinance Index decreased 5 percent from the week before, but they still account for 82 percent of total applications.
In recent weeks, mortgage rates have either increase or decreased in small amounts, which may have some prospective buyers waiting to see if they'll fall even further. While this may happen, economists expect both rates and home prices to increase before the end of the year. Freddie Mac's Primary Mortgage Market Survey for the week ending October 18 shows the average rate for 30-year fixed-rate mortgage was 3.37 percent, just above the all-time low of 3.36 percent and down from the previous week when it averaged 3.39 percent. This time last year the average rate for 30-year FRMs was 4.11 percent.
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.