Home refinance applications see an increase - Bills.com News

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Home refinance applications see an increase

Wednesday, Jul 15, 2009

According to a report from the Mortgage Bankers Association (MBA), home refinance applications have seen a recent increase.

The MBA survey - which is based on about 50 percent of the mortgage applications in the nation - showed that home refinance applications saw a 17.7-percent rise.

"We will see more refis as rates come down," Robert Dye, a senior economist at PNC Financial Group in Pittsburgh, told Bloomberg news prior to thereport's release.

The average interest rate for a 30-year fixed mortgage fell to 5.05 percent, down from 5.34 percent. Points on a 30-year fixed-rate mortgage also fell from 1.13 to 1.12.

For a 15-year fixed mortgage, the average interest rate fell from 4.83 percent to 4.59 percent, though the point value
increased from 1.06 to 1.07.

The rate for one-year adjustable mortgages also fell to 6.47 percent from 6.58, with points also falling from 0.14 to 0.11.

Overall, the number of mortgage applications - which includes home refinance applications - rose 4.3 percent.

The role of the government is also increasing
when it comes to mortgage refinancing. Another recent report from the MBA shows the government's share of home refinance applications rose to 33.6 percent during the month of June. The government's share of home refinance applications had experienced fluctuations since it hit a high of 38.4 percent in October of 2008.

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