Thurston county residents will be happy to hear that home buyers are coming alive again. As mortgage rates fall, applications rise. The last few weeks have seen a significant increase in the number of applications for new home buyers, as well as those who are refinancing their current mortgages.
Applications showed an increase of 7.6 percent from present weeks according to the Mortgage Banker Association. Those looking to refinance represented more than 79.4 percent of all applicants, the highest since April 2009.
While applications to refinance rose 8.6 percent, new home applications were up 3.4 percent, and government purchase applications were up 8 percent.
Mortgage rates in the Olympia area continue to fall as they follow the falling trend of falling U.S. Treasury bonds. The falling rates are due to Europe's debt issues as well as the overall failing health of the global economy.
Rates for a 30-year mortgage have been hovering under 5 percent with 15-year mortgages teetering around 4 percent. With these low rates, and the vast amount of homes available, this is an optimum time to purchase a new home.
Many feel this is a good sign as this is only the second time in 10 weeks that purchase mortgage applications have increased. It is hoped that this weekly survey will continue to show more stable increases, as buyers begin to take advantage of these great rates and abundance of homes to choose from.
I would love to help you get into a new home. Please let me show you some of the area's available homes. Please contact me or visit my Exit Realty Boardwalk site for a look at the best properties in Olympia, Lacey, Shelton, Tumwater, Dupont, Yelm, Rainier, and Rochester. Call Cyndi Nelson today at Exit Realty Boardwalk, 877-288-2932.
Comments(0)