admin | January 9, 2008
Hi - This just reported by Reuters. Mortgage rates for Clearwater real estate and the rest of the country lowest since 2005.
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NEW YORK (Reuters) — Applications for home mortgages jumped to their highest level in a month last week as concerns about recession pushed interest rates to their lowest in more than two years, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 32.2% to 706 the week ended Jan. 4, led by refinancings.
It was the highest level of activity since the first week of December. The average 30-year fixed mortgage rate eased 0.32 percentage point to 5.73%, the MBA says.
The 30-year rate was the lowest since 5.72% the week ended Sept. 9, 2005.
Fixed mortgage rates have declined as investors expecting slower economic growth piled into the safety of U.S. Treasury securities, sending yields lower. Bond yields fall as prices rise.
FIND MORE STORIES IN: ECONOMY | Mortgage Bankers | MBA | Mortgage rates | Applications | Fixed mortgage rates
A weak U.S. employment report for December and increased concerns that weak housing will hit corporate earnings pushed benchmark 10-year Treasury prices up, sending yields Tuesday to a six-week low 3.8%.
The MBA's seasonally adjusted index measuring applications to refinance loans fueled the rise, soaring 53.9% to 2,494.2. The MBA's index of purchase applications increased 14.7% to 414.0.
Refinancings accounted for 57.7% of applications, up from 50.9% in the previous week, the MBA said.
While rising, the indexes likely overstate demand for mortgages because banks have tightened lending standards, which is forcing borrowers to make multiple applications, economists say.
Tighter lending standards following the implosion of risky loans have forced borrowers to pay higher rates, or locked them out of the market.
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Check out our website at Clearwater Real Estate or
Dream Realty
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NEW YORK (Reuters) — Applications for home mortgages jumped to their highest level in a month last week as concerns about recession pushed interest rates to their lowest in more than two years, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity rose 32.2% to 706 the week ended Jan. 4, led by refinancings.
It was the highest level of activity since the first week of December. The average 30-year fixed mortgage rate eased 0.32 percentage point to 5.73%, the MBA says.
The 30-year rate was the lowest since 5.72% the week ended Sept. 9, 2005.
Fixed mortgage rates have declined as investors expecting slower economic growth piled into the safety of U.S. Treasury securities, sending yields lower. Bond yields fall as prices rise.
FIND MORE STORIES IN: ECONOMY | Mortgage Bankers | MBA | Mortgage rates | Applications | Fixed mortgage rates
A weak U.S. employment report for December and increased concerns that weak housing will hit corporate earnings pushed benchmark 10-year Treasury prices up, sending yields Tuesday to a six-week low 3.8%.
The MBA's seasonally adjusted index measuring applications to refinance loans fueled the rise, soaring 53.9% to 2,494.2. The MBA's index of purchase applications increased 14.7% to 414.0.
Refinancings accounted for 57.7% of applications, up from 50.9% in the previous week, the MBA said.
While rising, the indexes likely overstate demand for mortgages because banks have tightened lending standards, which is forcing borrowers to make multiple applications, economists say.
Tighter lending standards following the implosion of risky loans have forced borrowers to pay higher rates, or locked them out of the market.
----
Check out our website at Clearwater Real Estate or
Dream Realty
Posted 2 years, 10 months ago on January 9, 2008
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