Friday, March 20 2009
Mortgage rates are continuing to hold at levels not seen in 45 years. We do not believe that mortgage rates will fall much below the rates we have now. This is your opportunity to buy your next home at mortgage rates we have always dreamed of. This is also the time to contact your
Low Rates Boost Mortgage Activity
Mortgage applications zoomed upward last week, with the index rising 21.2 percent on a seasonally adjusted basis to 876.9 from 723.4 the previous week, according to the Mortgage Bankers Association.
On an unadjusted basis, the index increased 20.7 percent compared to the previous week and was up 31.2 percent from the same week a year ago.
Much of the increase was in refinances, reflecting a significant decline in rates. The refinance index increased 29.6 percent, while the purchase index was up only 1.5 percent. The refinance share of mortgage activity reached 72.9 percent.
Average interest rates were down:
30-year fixed-rate mortgages decreased to 4.89 percent from 4.96 percent;
15-year fixed-rate mortgages decreased to 4.52 percent from 4.54 percent;
1-year ARMs decreased to 6.20 percent from 6.21 percent.
On a local level we just received these rates from a colleague of mine at Countrywide Bank, FSB:
Purchase:
Conforming
4.625% 30 yr, no pts, no origination fee
4.375% 1 pt
4.5% 15 yr, no pts, no origination fee
4.25% 1 pt
FHA
4.875% 30 yr, no pts, no origination fee
Rural Housing
4.5% 30 yr, no pts, no origination fee
JUMBO Fixed Rate
6.125% 30 yr, no pts, no origination
When you are ready to purchase or re-finance it is in your best interest to check the rates with several lenders as they do vary.
Please feel free to contact us should you have any questions. You can reach me at
812-499-9234.
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