June 2, 2010
Rates Spur Refi Blitz As Purchase Applications Dwindle
By Matthew L. Brown
Demand for home loans fell last week to its lowest level since April 1997, according to the Mortgage Bankers Association.
The MBA's index of purchase loan application volume fell 4.1 percent last week compared to the prior week while refinance applications increased 2.4 percent to its highest level in nearly a year.
Purchase applications ended the week 40 percent below levels reported a month ago while refinance applications accounted for 74 percent of all home loan application volume.
The average contract interest rate for a 30-year, fixed-rate home loan was 4.83 percent.
WBJ Web Partners
Most Recent
Most Recent
0 Comments