Stacie Hartman

The Mortgage Blog of Stacie Hartman

Interest Rates, Purchase Demand Fall

According to The Mortgage Bankers Association’s Weekly Applications Survey, the average contract interest rate for a 30-year fixed-rate mortgage fell to 4.96 percent last week from 5.02 percent the week before. As a result of rates being at their lowest level since mid-March, refinance activity increased 14.8 percent from the previous week. The seasonally adjusted Purchase Index, however, dropped 10 percent in the first week following the expiration of the home buyer tax credit. Michael Frantantoni, MBA’s vice president of research and economics said the tax credit likely pulled some sales into April that would’ve otherwise occurred later. More here and here.

Advertisements

Filed under: Uncategorized, , , , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: