Long-Term Rates and Mortgage Applications Remain Steady
Mortgage News from Quicken Loans
Mortgage loan applications held steady from the previous week, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending July 7, the Market Composite Index showed applications overall increased 1.0 percent on a seasonally adjusted basis from the previous week.
The Purchase Index saw an increase of 2.6 percent from the previous week, while the Refinance Index decreased 1.6 percent.
"Despite the latest Fed Funds rate hike, long-term interest rates are still in an attractive range. The Fed has signaled they are almost done raising short term rates; and the stable employment picture further supports the purchase market," said Bob Walters, chief economist of Quicken Loans. "Homeowners seeking to refinance out of adjustable rate mortgages before they enter the adjustment period have been taking advantage of those low long-term rates."
This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.
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