Mortgage Lenders Nationwide

The Mortgage Bankers Association said Wednesday Mortgage refinancing applications rose last week as home mortgage rates declined.  Refinance loan applications increased 18.2 % last week, the MBA said, following the third straight week where rates on 30-year home loans stayed below 5%. This brings mortgage refinance applications to their highest level since May.   “Such low refinance rates are spurring mortgage loan demand,” said Frank Northaft, Freddie Mac vice president and chief economist. On Thursday, Freddie Mac said the average rate on 30-year home loans stood at 4.87 %, down 4.94 % from last week. This is the lowest rate since the week of May 21, when they averaged 4.82 %. The record low on mortgage rates is 4.78 %, set last spring.   Average rates on 30-year fixed rate mortgages stood at 5.94 % this time last year.   Homeowners who are considering home refinancing their mortgage may want act soon.  Mortgage rates could inch back up as the home purchases diminish.

Applications for home mortgages dropped to a seasonally adjusted 2.8% for the week ending September 25, compared with the week before. The Mortgage Bankers Association announced yesterday that VA mortgage rates were better, as were FHA mortgage rates.  Many borrowers are excited for the low rate refinancing with FHA customers rushing to qualify for FHA streamline refinance loans that are seeing interest rates below 5% for the first time in a while. The average fifteen mortgage rates declined to 4.46% last week which is down significantly from last year when rates were at 5.78%.