Mortgage interest rates increased slightly for the week ended Feb. 20

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Mortgage and Lending with John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. NMLS# 211187
Average 30-year fixed-rate mortgages were up to 5.07 percent from 4.99 percent. Mortgage interest rates increased slightly for the week ended Feb. 20, driven by the previous week’s heavier-than-normal applications for new and refinanced loans, according to data from the Washington, D.C.-based Mortgage Bankers Association. The latest survey results, covering about 50 percent of all U.S. retail residential applications, show average 30-year fixed-rate mortgages were up to 5.07 percent from 4.99 percent. The 15-year fixed rate climbed to 4.71 percent from 4.66 percent. One-year adjustable-rate mortgages climbed to 6.13 percent from 6.1 percent, but make up less than 2 percent of all mortgage applications. Overall, association data shows applications were down 22.6 percent from the previous week, but up 9.8 percent from the comparable week in 2008. The application decline was heavily influenced by a refinancing falloff of 19.1 percent, while purchase financing declined 2.6 percent. Refinancings accounted for 69.7 percent of all applications, down from 74.2 percent in the previous week.
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average 30year fixedrate mortgages were up to 507 percent from 499 percent

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Rainer
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Tony Grego, 317-663-4173 #1 Trade Association for Alternative Inv
REISA - 317-663-4173 - Indianapolis, IN

Thanks for your post. Rates are going to be ugly for the next couple of weeks.

Good luck

Tony

Feb 26, 2009 07:00 AM #1
Rainmaker
777,768
Michael A. Caruso
Surterre Properties - Laguna Niguel, CA

Thanks for the post and the update. Seems like we are not seeing the broad rate swings we were at year end and into January, which creates some hope.

How did the media get the idea rates were going to 4.5%?????Now people are waiting to buy for the 4.5%...aint gonna happen.

Feb 26, 2009 07:01 AM #2
Rainer
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John F Tuggle
John Tuggle, Senior Mortgage Loan Originator, Envoy Mortgage, Ltd. - Columbus, GA
Certified VA Expert Renovation Program Specialist

Thanks for the comments Michael and Tony,

If you want a little insight about how I really feel about the direction of rates (especially mortgage rates) please go to the following link:

http://johntuggle.edicypages.com/blog/article-19

Thanks and please contact me via email or phone if there is anything I can do to assist either of you.  I am an old Realtor and that experience is what helped me formulate my philosophy about this busines:  I work when Realtors work; nights and weekends!

John Tuggle

 

 

 

 

 

Feb 26, 2009 07:11 AM #3
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Rainer
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John F Tuggle

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