In case you have not heard --- according to the Mortgage Banker's Association:
Applications to refinance home-mortgages jumped by a record amount, as borrowers flocked to take advantage of falling mortgage rates -- which were driven down by the government's announcement that it would step in to stabilize the mortgage market.
The number of applications tripled --- the largest increase since the poll data began back in the 90's.
Applications to purchase homes, which tend to be less sensitive to interest-rate movements, also increased, though by a smaller amount.
The surge in application volume comes as mortgage rates fell by more than 0.50 percentage --- hopefully --- this and other changes that are currently on the table will begin to spark renewed interest in HOMEBUYING. I know that I have seen a surge in showing activity in the last month. Now, I know that does not translate into actual sales BUT the listing has to be shown in order to sell.
Will this Refinancing Surge lead the way to...renewed interest in buying and new mortgages?
For more news go to the Mortgage Bankers Association web page at : http://www.mbaa.org/default.html