Mortgage news

News, trends and analysis of the mortgage and credit market

Wednesday, October 31, 2007

Low rates lure refinancers, boost mortgage demand

October 31 2007
A refinancing wave pushed total mortgage applications higher last week on the lowest 30-year mortgage rates since early May despite a small drop in demand for loans to buy homes, an industry trade group said Wednesday. The Mortgage Bankers Association's mortgage applications index rose a seasonally adjusted 3.8% to 681.7 in the week ended Oct. 26. Borrowing costs on 30-year fixed-rate mortgages, excluding fees, fell to an average of 6.15% from 6.21% the prior week. This loan rate was the lowest since 6.13% in the May 11 week, helping propel the MBA's refinance index to its highest level since the week of March 9.

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Refinance Today, Lock-in Your Rate Before Rates Climb!

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