Mortgage Applications Slump into Spring

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mortgage applicationsThe spring real estate market has sprung, and so far the news is not good. Home buyers and refinancers applied for 2.0 percent fewer mortgages for the week ending April 1 compared to one week earlier, according to mortgage application market composite index released by the Mortgage Bankers Association. While in recent weeks the refinance numbers stanched serious declines, the opposite is now true: The seasonally adjusted purchase index rose 6.7 percent, the biggest jump this year, but the refinance index dropped 6.2 percent. Refinance applications typically account for a larger percentage of the overall index than purchase applications. Lest one get too excited about the rise in home purchases, understand that even at its elevated rate, the purchase application volume is around 1997 levels. Meanwhile, the average 30-year fixed-rate loan interest rates remains below 5.0 percent, at 4.93 percent.

For more insight on mortgages and refinancing see these AOL Real Estateguides:
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