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Home refinance requests fall - Bills.com News
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Home refinance requests fall
Wednesday, Nov 11, 2009
By Lance Piper
According to the Zillow Mortgage Rate Monitor, the number of mortgage requests for home refinancing dropped from 43 to 41 percent. However, overall mortgage applications increased by 4.7 percent when compared to the previous week.
Requests for purchase loans increased from 54 to 56 percent, while home equity loans rose from 2 to 3percent.
An increase in mortgage activity could be tied to a decline in average mortgage rates. The average rate on a 30-year fixed mortgage fell from 4.86 to 4.84 percent. For 15-year fixed mortgages, the average rate went down from 4.31 to 4.29 percent.
The average rate on a 5-1 adjustable mortgage also saw a drop, falling from 3.79 to 3.71 percent.
On a state-by-state basis, New Jersey and Colorado saw the largest decrease on the average rates for 30-year fixed mortgages. In New Jersey, the rate for that type of mortgage dropped from 5.06 to 4.9 percent, whereas Colorado's average
fell from 4.89 to 4.82 percent.
The states with the lowest average rate for 30-year fixed mortgages were Texas and Utah, which both came in at 4.79 percent.
Along with lower rates, efforts by the government may encourage people to get a mortgage. An $8,000 first-time home buyer tax credit was extended and will now expire at the end of April 2010.
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The states with the lowest average rate for 30-year fixed mortgages were Texas and Utah, which both came in at 4.79 percent.
Along with lower rates, efforts by the government may encourage people to get a mortgage. An $8,000 first-time home buyer tax credit was extended and will now expire at the end of April 2010.
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• Consumers turn to cash rather than credit card debt Consumers are planning on minimizing credit card debt during this holiday season. Nov 03, 2009
• Senator wants to move up CARD Act implementation Colorado senator is pushing his fellow congressmen to implement
the Credit CARD Act in December. Oct 29, 2009
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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