The Mortgage Banker Association released its weekly report for the week ending July 15, which shows an increase in 15.5 percent for mortgage loan applications when compared to the previous week. The Refinance Index increased 23.1 percent from the previous week.
Michael Fratantoni, MBA’s Vice President of Research and Economics said that record low interest rates are primarily a result of the “ongoing turmoil in the financial markets primarily due to the sovereign debt crisis in Europe.” He also said that Refinance applications have increased and the Refinance Index is at its second highest level of the year
The share of total mortgage applications has increased for both refinance (70.1 from 65.5 percent the previous week) and adjustable-rate mortgage (5.8 from 5.5 percent). This means that homeowners are taking advantage of the record low interest rates.
If you’re considering refinancing or buying a home, there hasn’t been a better time to do so in years. Low interest rates and low home prices can help you achieve your goals. Please contact us so we can help!
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