Long-term interest rates continue to remain low for the year and employment is strong. Those two factors are contributing to a robust housing market and a boom in homeowners refinancing their mortgages from adjustable to fixed-rate mortgages.
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Tag Archives: Purchase Applications
Fed Tough on Inflation, May Raise Rates Again
The Federal Reserve may raise short-term interest rates for the 17th time in a row at the end of the month. Homeowners with ARMs are having an increasingly hard time because of their rising payments, prompting them to refinance into fixed-rate mortgages. What's the good news for those looking to buy a home?
Fixed Rate Mortgages Still Attracting Homeowners
Mortgage applications decreased slightly last week, leading more people away from adjustable rate mortgages. Homeowners continue to look for security from fixed rate mortgages by refinancing out of their ARMs.
Possibility of Inverted Yield Curve Equals More Refinancing
The market is facing a possibility of a recession and is watching closely as short-term interest rates continue to get closer to long-term rates. The closer the two rates come together, the more people with adjustable rate mortgages are refinancing into fixed-rate mortgages.
After Market-Moving Week, Move to Fixed Rate Mortgages Intensifies
Applications for home purchases decreased somewhat from last week after a heavy week of market-moving news. But despite all the economic reports that were expected to change people's reaction to the housing market, long-term rates remain steady and more people continue the move from ARMs to fixed-rate mortgages.
Fed Raises Short-Term Rates, Purchases Fall
The number of applications for home purchases fell last week, perhaps in anticipation. However, refinances remained stable. Now that the Federal Reserve raised short-term interest rates, how will the market react and what does it think the new Fed Chief will do?
Homeowners Still Want Fixed Rates, Consolidations Expected
Homeowners are still taking advantage of long-term fixed rates to avoid the risk of adjusting rates, as shown by the rise in mortgage applications this week. More are expected to include debts accrued over the holidays with their refinancing.
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