Click for Mortgage Rate Video Update
Contact us at 877-794-5363 (Lend)
John Sauro
Email: johnsauro@gmail.com
The Mortgage Bankers Association released their mortgage application data
for last week, showing that overall application volume was up 4.1% from the previous week.
Purchases were up 1.8%, and on a year over year basis, are now 19.4% higher.
Refinances were up 5.3% last week and are up 122% year over year. Refinances made up 64.8%
of all transactions, up from 64.2.% last week.
The national average Interest rates increased slightly from 3.19% to
3.20%, which is 88 bp or about 7/8% lower than this time last year. Remember the MBA rate is
for last week and always includes a fraction of points, in this case 0.35.
60% of Home owners can Benefit from refinancing
Fannie Mae Chief economist Doug Duncan estimates that at today’s rates, 60% homeowners
with a mortgage could still benefit from a refinance and save at least half a percent. He also
estimates that mortgage lending will reach $3.14 Trillion this year, which is the highest volume
since 2003.
The FHFA (Federal Housing Finance Agency) released their House Price Index, which measures
home price appreciation on single-family homes with conforming loan amounts. Home prices
fell 0.3% in May, but are still up 4.9% year over year. The 4.9% year over year reading is a bit
lower than the 5.5% in April and 5.9% in March.
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Click for Mortgage Rate Video Update
Contact us at 877-794-5363 (Lend)
John Sauro
Email: johnsauro@gmail.com
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