Some good news from CNN Money, Lets keep the good news coming!
Mortgage Bankers Association's weekly survey says the number of people filing home loan applications edged higher last week; refinance volume up 5.2%.
WASHINGTON (AP) -- Mortgage application volume increased 2.5% during the week ending April 11, according to the Mortgage Bankers Association's weekly application survey.
The MBA's mortgage application index rose to 743.4 from 725.6 the previous week.
Refinance volume increased 5.2% during the week, while purchase volume fell 0.8%. Refinance applications accounted for 53.5% of total mortgage applications.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 743.4 means mortgage application activity is 7.434 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week.
Application volume rose slightly as interest rates posted small declines. The average interest rate for traditional, 30-year fixed-rate mortgages fell to 5.74% from 5.78%. The average rate for 15-year fixed-rate mortgages, often a popular option for refinancing a loan, fell to 5.27% from 5.39%.
The rate for one-year adjustable-rate mortgages fell to 7.02% from 7.06% the previous week.
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