Daily Real Estate News | March 4, 2010
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Mortgage applications rose 14.6 percent last week on a seasonally adjusted basis compared with the previous week. They were up 15.5 percent on an unadjusted basis.
Much of the increase was in refinances as rates dropped below 5 percent, although the purchase index increased 11.7 percent compared with the previous week and was just 9.8 percent lower than the same week one year ago.
“Purchase activity remains subdued, with application volumes remaining within the narrow range seen in the last few months,” said Michael Fratantoni, MBA’s vice president of research and economics.
Both 30- and 15-year fixed-rate mortgages were below 5 percent:
• 30-year fixed-rate mortgages decreased to 4.95 percent from 5.03 percent.
• 15-year fixed-rate mortgages decreased to 4.27 percent from 4.35 percent.
• 1-year ARMs decreased to 6.77 percent from 6.80 percent.
Source: Mortgage Bankers Association (03/03/2010)
