Low Mortgage Rates

According to the Mortgage Bankers Association (MBA), the week ending July 2 brought out a new rush of homeowners to refinance their existing mortgages.

With the highest level since May 15, 2009, the MBA’s Refinance Index was up 9.2 percent, along with more than 78 percent of the total loan applications submitted being for refinancing.

The MBA has also stated that there was a decrease in the Purchase Index of 2 percent in the recent week. It has dropped in eight of the last nine weeks.

To summarize everything, the volume of loan applications to purchase a home has dropped while homeowners have picked up speed with applications to refinance and take advantage of low interest rates.

The average interest rate on 30-year fixed-rate mortgages in the week that ended July 2 was 4.68 percent with 0.86 points. The average interest rate on 15-year fixed-rate mortgages was 4.11 percent with 0.93 points.

For more great reasons to buy a Hoboken home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates now available,  this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more informationcontact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can also be reached by  phone at 201-344-2886.