photo credit: TheTruthAbout…
Mortgage applications in the American real estate market remained largely unchanged over the festive period, providing a degree of stability as 2009 arrives.
The Mortgage Bankers Association (MBA) released its weekly mortgage applications survey for the week ending December 26. The market composite index, a measure of mortgage application volume, was 1245.7 on a seasonally adjusted basis from 1245.4 one week earlier.
These numbers included an adjustment due to a shorter week thanks to the Christmas holiday and was down 40 per cent on the previous week if unadjusted.
However, compared to the same week last year, the numbers were up 155 per cent.
The MBA said:
“The four week moving average for the seasonally adjusted market index is up 10.3 percent.
“The four week moving average is down 3.2 per cent for the seasonally-adjusted purchase index, while this average is up 15.7 per cent for the refinance index.”
Interest rates on home loans in the US remain at historical lows, the group added, with 30-year fixed-rate mortgages down to 5.03 per cent from 5.04 per cent and 15-year fixed-rate mortgages sliding to 4.79 per cent from 4.91 per cent.
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