DAILY REAL ESTATE NEWS: Mortgage Applications Jump Last Week
  • Share:

DAILY REAL ESTATE NEWS: Mortgage Applications Jump Last Week

May 23, 2016 08:19 AM

Mortgage Applications Jump Last Week

 Mortgage applications shot up 21 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association. On an unadjusted basis, applications rose 23.5 percent.

The unadjusted purchase index increased 17.5 percent compared with the previous week, but was down 11.2 percent from the same week a year ago.

“Mortgage application volume rebounded last week, returning the purchase and refinance indexes to levels from mid-December,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.

“Rates continue to hover around 5 percent, quite low by historical standards, but are well above the record lows seen in 2009, and hence are not generating substantial refi volume,” Fratantoni said. “We expect that rates will rise over the next few months as the Federal Reserve winds down its MBS purchase program, and this will likely lead to a decline in refinance volume.”

Here are the average contract interest rate changes:

30-year fixed-rate mortgages decreased to 5.01 percent from 5.02 percent.
15-year fixed-rate mortgages decreased to 4.33 percent from 4.34 percent.
1-year ARMs decreased to 6.70 percent from 6.84 percent.

Source: Mortgage Bankers Association (02/03/2010)

More information about luxury homes in Las Vegas here

BHHS Disclaimer © 2016 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Equal Housing Opportunity. If your home is listed with another broker, this is not intended as a solicitation.

Shapiro & Sher guarantees your privacy while visiting our website. The information you find within is from sources believed to be reliable but not verified or guaranteed and is subject to change without notice.

SHAPIRO & SHER 1215 S Fort Apache Rd #210 Las Vegas, NV 89117