Would you like some good news? Are you tired of hearing all of the doom and gloom about the bubble markets?
It sounds like consumer confidence is up despite the media’s best attempt to scare people. According to the Mortgage Bankers Association’s weekly survey, Mortgage applications were up nearly 10% (9.9% to be exact) compared to the same week last year! I believe this was due in part to the Fed dropping rates but I also believe home buyers are NOT ignorant and can see the light at the end of the tunnel for themselves.
Mortgage rates declined:
- 30-year fixed-rate mortgages decreased to 6.10 percent from 6.18 percent.
- 15-year fixed-rate mortgages decreased to 5.66 percent from 5.78 percent.
- 1-year ARMs decreased to 6.03 percent from 6.48 percent.
Source: Mortgage Bankers Association (12/27/07)
The report also mentioned the refinance share of mortgage activity decreased a little to 53.0 percent of total applications from 53.2 percent the previous week. Which of course means this isn’t all refinance, this increase is in large part due to new home purchases.
I always enjoy good news! I hope you have a happy New Year. Please contact me if you have questions about how the market conditions are in your area of the Dallas Fort Worth Metroplex and I will be happy to help.
This entry was posted on Thursday, December 27th, 2007 at 5:20 am and is filed under Housing Market, Money Matters, Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.