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Mortgage applications are soaring-a direct result of last week’s significant drop in interest rates. According to the Mortgage Bankers Association, applications for mortgage loans are up more than 26% compared to this time last week. The jump comes after rates dipped to 3.82% last week-their lowest point in almost two years.
As mortgage interest rates dropped to their lowest levels in over a year last week, home owners and buyers raced to submit their refinance and other loan applications before rates start going up again. The number of overall mortgage applications surged 28.4% last week compared with the previous year, according to the Mortgage Bankers Association.
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NEW YORK (CNNMoney) — Mortgage loan applications surged 23% last week, according to the Mortgage Bankers Association, as record-low interest rates convinced many homeowners it was time to refinance.
the Mortgage Bankers Association reports that the number of new applications is still 81 percent higher than it was at this.
New GSE appraisal database to tighten scrutiny on mortgage lenders Also, the client name on the appraisal report does not need to reflect the new lender’s name. The appraiser’s fee can be retained by the appraiser. However, if there is a new borrower – the new lender must collect an appraisal fee from the new borrower and send the fee to the original lender who, in turn, must provide a refund to the original borrower.
· A half-percent increase in your mortgage rate could cost you nearly $50 more on your monthly mortgage payment, and close to $17,000 in interest over the life of your loan, while a full-percent difference in your mortgage rate comes with a monthly payment that is $95 higher and a loan that costs another $34,000-plus in interest over a 30-year term.
· Low-interest rates have stirred up mortgage application activity, but only refinances have benefited so far, posting a 23.3% surge for the week ending Oct. 17, while purchase activity dropped by nearly 5%, according to the Mortgage Bankers Association’s weekly mortgage applications.
(CNBC) * GE shares jump 5% after beating low earnings expectations as cash. 9:45 a.m. ET. (CNBC) * Mortgage applications fall for third straight week despite lower interest rates (CNBC) Tonight’s.
· The surge in activity came as rates on 30-year fixed rate mortgages, the most widely used loan, remained below 5% for the third week in a row. The average interest rate for 30-year fixed-rate mortgages fell to 4.89% last week from 4.94% the week before, according to the MBA. It was the lowest level since May 2009 when 30-year rates were 4.81%.
Mortgage applications were up 23% last week as record-low interest rates spurred many homeowners to refinance their existing loans. Mortgage rates dropped to a record low this week, stoking a surge in refinance applications in the South Bay as homeowners look to take advantage of.