In the midst of all the media coverage of the subprime lending debacle, comes this interesting piece of information:
[O]n an unadjusted basis compared with the same week one year ago, [mortgage loan] applications were up 16.6 percent.
The refinance share of mortgage activity decreased to 45.1 percent of total applications from 45.3 percent the previous week.
The average interest rate for 30-year fixed-rate mortgages decreased to 6.04 percent from 6.06 percent.
The average interest rate for 15-year fixed-rate mortgages decreased to 5.77 from 5.79 percent.
The average contract interest rate for one-year ARMs decreased to 5.84 from 5.88 percent.
Meaning? Rates are decreasing (due to uncertainty in the stock market) and people are looking to buy.
Source: Mortgage Demand Up Almost 17 Percent Year Over Year – Realtor.org
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