Mortgage Bankers Association for the week of 5/18/2010Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.61% its lowest average this year. The MBAA reports their Market Composite Index: (loan application volume) increased 7.8 percent.
Their Refinance Index:
However, this isnt helping sell homes. Mortgage applications increased 7.8 percent from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their Purchase Index: increased 1.1 percent compared with the previous week and was 36.9 percent lower than the same week one year ago. However Refinance Index did increase by 3% to 66.7%
Although low rates are not translating into many home sales, I do think these refis are helping people fix their personal balance sheets and hopefully, this is keeping some people out of the foreclosure cycle
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