Low Fixed Rates Safest Option for Homeowners
Mortgage News from Quicken Loans
Mortgage loan applications fell for a second consecutive week, according to the Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending June 23, the Market Composite Index showed applications overall declined 6.7 percent on a seasonally adjusted basis from the previous week.
Both the Purchase Index and the Refinance Index decreased from the previous week, with purchases down 6.2 percent and refinances down 7.5 percent.
"The recent rise in housing starts and new home sales point to a still-appealing appetite for housing," said Bob Walters, chief economist of Quicken Loans. "That's really not all that surprising when you consider long-term rates are still relatively low and the employment outlook remains solid. Those are the two pillars necessary to support a strong housing market. The near historic low long-term rates also have been providing a safe option for homeowners who want to refinance out of their adjustable rate mortgages."
This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.
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