National mortgage applications rise 8.5%
December 10th, 2009 categories: Financing, First Time Buyers, For Buyers, For Sellers, News, STR Market Info Blitz
This post is part of the Strong Team REALTORS Market Info Blitz. We’re heating up the Winter market by giving you three-months worth of the information you need, November through January. Check out the latest posts in the blitz, here.
Mortage applications jump, fueled by refinancing
USA Today recently reported that mortgage applications jumped 8.5% last week.
The large increase in mortgage applications was due mainly to refinancing applications, which rose 11.1%. With interest rates still at historically low levels, many homeowners are taking advantage of the low rates and refinancing their current mortgages. 74% of all the applications were from people looking to refinance.
New mortgage applications were up slightly, also, at 4%. Rates rose slightly last week, but they remain at record-low levels. The average rate for a 30-year fixed mortgage last week was 4.88%.
If you are thinking about refinancing, or are thinking of buying a home in the Charlottesville area, just let us know. Our clients have worked with the area’s best mortgage lenders. We’re always happy to share the names of lenders with whom our clients have had success.
