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Home refinance applications fall - Bills.com News
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Home refinance applications fall
Thursday, Nov 19, 2009
By Lance Piper
According to the MBA's weekly mortgage application survey, the Refinance Index dropped 1.4 percent. However, home refinance applications accounted for 72.9 percent of all mortgage applications, which is up from the 71.5 level seen the week prior.
The MBA noted that its Mortgage Composite Index, which isan account of overall mortgage application activity, dropped by a seasonally-adjusted 2.5 percent. This is despite the fact that a number of mortgage interest rates saw a drop in the survey.
For example, the average rate on a 30-year fixed mortgage fell from 4.9 to 4.83 percent. The MBA indicates this is the lowest interest rate seen for these types of mortgages since the middle of May.
Decreasing from 4.33 to 4.32 percent, the average rate on 15-year fixed mortgages also fell. The average rate on a one-year adjustable mortgage declined from 6.85 to 6.82
percent.
Along with mortgage applications taking a drop, a recent report from the government showed that housing starts declined in October. For single-family homes, starts fell 6.8 percent in October. Overall, housing starts dropped 10.6 percent.
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Along with mortgage applications taking a drop, a recent report from the government showed that housing starts declined in October. For single-family homes, starts fell 6.8 percent in October. Overall, housing starts dropped 10.6 percent.
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Resources that save you money
• You might reduce your monthly payments by refinancing your mortgage. Get no-cost, online mortgage refinance quotes from up to four prequalified lenders.
• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortgages from up to four providers.
• Reduce your debt up to 50%. Get matched with pre-qualified debt consolidation experts.
• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .
Also, make sure to get a free financial health check-up with Bills IQ!
Resources that save you money
• You might reduce your monthly payments by refinancing your mortgage. Get no-cost, online mortgage refinance quotes from up to four prequalified lenders.
• Buying a home? Get no-cost quotes online for competitive, fixed-rate mortgages from up to four providers.
• Reduce your debt up to 50%. Get matched with pre-qualified debt consolidation experts.
• Get a free credit report. Find a professional to correct your credit report. Apply for a new credit card. Visit the Bills.com Credit Card Center .
Also, make sure to get a free financial health check-up with Bills IQ!
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