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Mortgage Applications Begin to Rise, After a Long Decreasing Run, According to Reports
Turnersville, NJ (PRWeb) March 22, 2007 -- The Mortgage Bankers Association is pushing back its prediction of housing turnarounds saying the industry would regain footing at the end of the year, instead of their previous prediction of mid-year.
According to the MBA, US mortgage applications rose this week as a result of the lowest home loan rates seen since early December. It seems the reported index from the MBA on mortgage application activity rose 2.8% in this last week to 690.5, which is reported to be the highest reading since 721.2 reported last December. The purchase index, which gauges U.S. home sales, gained 2.2% to 414.3. The industry adjusted refinancing applications index climbed 3.5% to 2,312.2.
Troubles with weak credit home loans helped trigger the highest overall mortgage delinquency rates in the last several years. While the U.S. economy and job markets were solid, home price gains slowed or prices fell in the fourth quarter, the MBA said.
Mortgage brokers are encouraging homeowners to consider refinancing or looking to new home purchasers for business. Shoprate, a national mortgage broker website, looks to new ways of finding such consumers.
Shoprate advises to refinance any adjustable rate mortgages that are due to be adjusted to refinance to save money monthly. Fixed 30-yearmortgage rates excluding fees dipped 0.01% point last week to average 6.03%, the lowest since 5.98% in December.
About Shoprate:
Shoprate.com is a leading mortgage website offering its service nationwide. Their resources allow consumers to compare mortgage rates before making important mortgage decisions. They strive to make educational financial decisions easier.
Contact:
Bruce A. Myers
Shoprate
(610) 344-7380
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