July 20, 2005 LOS ANGELES --
The recent presence of elevated interest rates would normally call for a slowing of mortgage application submission. Despite what logic would dictate, slightly higher interest rates has not slowed the pace of mortgage applicants nationwide.
Last week
average interest rates for conforming
home loans rose 1.2
percent over the prior week's tally, according to the Mortgage Bankers
Association. When calculated on a seasonally adjusted basis,
refinance mortgage applicant volume increased by 2.5 percent above the
previous period which ended July 15.
Balancing things was the volume calculated for
home purchase mortgage applicants, which eased slightly by 0.1
comparatively to last week.
Of all applicants, those intending on refinancing accounted
for 45.7 percent of all applications last week. The prior week showed refinance
candidates to be at 45.1 percent.
Average interest rates nationally for
30-year,
fixed-rate home loans and
15-year, fixed-rate mortgages rose last week to 5.72 percent and 5.28
percent, respectively. - Article by
Ben Pengreen for CMR home loan
news.
E-mail Friend
Printer Friendly