Mortgage Applications Still on the Rise

\r\nMid-May was the last time that new home mortgage applications have been this high. For the second straight week, mortgage applications were on the rise. The stabilizing of the national index, as well as help from the Federal Reserve, has increased activity for real estate and mortgage professionals alike. Rates are continuing to inch down and the Fed halted rate increases and the note continues to stay about the same. Fixed rate mortgages have stayed about the same, averaging 6.32% this week. That is considerably higher than the same week last year with 5.72%, but markedly lower than an industry high in June of 6.86%.\r\n

New home loans were among the largest jumps this week, being 5.2% higher than they were last week. That is the highest purchase applications have been since early in July, but, again, noticeably lower than the same week last year. Refinances increased marginally, and ARMs still appear to be loosing their share of the market. The total number of ARMs making up new mortgages dropped from over 26% to 25.5%.\r\n