Fixed rate mortgages are changed little this week, the 30-year fixed-rate mortgage inching up to 4.5% from last weekâ€™s 4.49% average rate.
The MBAA reports their Market Composite Index:
( Loan application volume) Increased 13% over last weeks number. heir Refinance Index: increased 16.5 percent from the previous week and made of the bulk of mortgage activity this week.However, Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their Purchase Index increased 4.5 percent from one week earlier, a slight uptick in purchase volume.
Key to better numbers is growth, especially job growth. The MBAA forecasts a slower, but positive growth situation. 4th quarter 2010 GDP growth was 3.1%. After a dip to 1.8% this quarter, they see growth through 2012 largely around 2.8%. Not likely a strong scenario for enough job growth to help the housing markets push forward.
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