Daily Real Estate News April 9, 2008
Mortgage Demand Up, Despite Rates
The number of mortgage applications increased 5.7 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly mortgage applications survey.On an unadjusted basis, the index rose 10.9 percent compared with the same week a year ago. The bulk of the increase came from purchase loans, which rose 8.1 percent, compared with the refinance index, which was up 3.4 percent. The refinance share of mortgage activity decreased slightly from 53.4 the previous week to 52.2 last week.Mortgage rates were up slightly:
30-year fixed-rate mortgages increased to 5.78 percent from 5.75 percent
15-year fixed-rate mortgages increased to 5.39 percent from 5.27 percent
1-year ARMs increased to 7.06 percent from 7 percent
Source: Mortgage Bankers Association (04/09/2008)
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