We are quickly approaching the spring season and more people are out applying for mortgages.  Mortgage rates are still low with the average interest rate for a 30-year fixed-rate mortgage being 6.04 percent.  According to the Mortgage Bankers Association, the MCI (Market Composite Index), which measures mortgage application volume, is at 671.6.  This is shows an increase of 7.3% on a seasonally adjusted basis from a week earlier when it was at 626.1.   When rates go down, refinancing applications tend to rise.  Refinancing applications accounted for 46.1% of total applications up from 43.2% just a week ago.  With interest rates still low coupled with a large inventory of homes of which to choose from means it’s a buyer’s market.  If you’ve been of the fence about buying, maybe now is the time!     

Posted by:

John Cain
Broker Associate

Keller Williams Realty of Newport
809 Aquidneck Avenue
Middletown, RI 02842

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