Low Interest Rates Spurs Mortgage Applications
SOURCE: CNN
As interest rates drop, refinance rise. The overall volume jumped 8.3 percent in the week ending Jan. 18th, according to Mortgage Bankers Association's latest survey.
Purchase volume fell 4.6 percent, however refinance volume rose 16.9 percent. Refinance volume accounted for 66 percent of the applications.
The average interest rate for traditional, 30-year fixed-rate mortgages fell to 5.49 percent from 5.62 percent. The average rate for 15-year fixed-rate mortgages, which are often used to refinance a home, fell to 4.96 percent from 5.07 percent.
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As interest rates drop, refinance rise. The overall volume jumped 8.3 percent in the week ending Jan. 18th, according to Mortgage Bankers Association's latest survey.
Purchase volume fell 4.6 percent, however refinance volume rose 16.9 percent. Refinance volume accounted for 66 percent of the applications.
The average interest rate for traditional, 30-year fixed-rate mortgages fell to 5.49 percent from 5.62 percent. The average rate for 15-year fixed-rate mortgages, which are often used to refinance a home, fell to 4.96 percent from 5.07 percent.
Read full report »
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