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Interest Rates Hit New Low, Spur Demand

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Mortgage and Lending with Guaranteed Rate, Inc NMLS ID:108672 More Info.

According to The Mortgage Bankers Association's Weekly Applications Survey, the average contract interest rate for 30-year fixed-rate mortgages fell to 4.59 percent last week from 4.69 percent the week before. The 0.10 percent drop brought rates to their lowest level since the survey began in 1990 and spurred the first increase in demand in five weeks. The Refinance Index was up 8.6 percent and the seasonally adjusted Purchased Index increased 3.4 percent. Michael Frantantoni, MBA's vice president of research and economics, said refinance activity is up nearly 30 percent over the past four weeks. More here and here.

Posted by

Michael Pond

Branch Manager/Loan Officer, NMLS 108672

Envoy Mortgage, NMLS 6666

704-517-2250 cell

 

Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

Wow! That is unbelievable! Now is the time to refinance, again!

Jul 21, 2010 03:45 PM
Michael Pond
Guaranteed Rate, Inc - Charlotte, NC
The Michael Pond Team

Yes indeed!  I don't think we will see these rates again in our lifetime!

Jul 25, 2010 04:38 AM