Posted on 12/07/2005 10:33:46 AM PST by Sonny M
U.S. mortgage applications rose for the first time in a month, mostly driven by a robust rebound in home refinancing volume even as interest rates rose, an industry trade group figures showed on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended December 2 increased 5.2 percent to 656.7, up from the previous week's 624.1.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.32 percent, up 0.12 percentage point from the previous week's 6.20 percent. It was the first increase in three weeks.
The MBA's seasonally adjusted purchase mortgage index rose 4.0 percent to 495.1 from the previous week's 476.2. The index is considered a timely gauge on U.S. home sales.
The group's seasonally adjusted index of refinancing applications climbed 7.0 percent to 1,596.4 compared with 1,484.3 the previous week. This was the first increase in the index in seven weeks.
It's now or never I guess.
"driven by a robust rebound in home refinancing"
LOL! Deeper and deeper in debt while interest rates are rising.
LOL! Deeper and deeper in debt while interest rates are rising.
Actually, there's quite a lot of refinancing going on right now - out of ARMs and into fixed rate mortgages, which remain quite low by historical standards.
"LOL! Deeper and deeper in debt while interest rates are rising."
My thoughts exactly. I guess a lot of people "need a little extra" for the holidays. Note to those who do: If you have to refinance your house for current expenses, you might want to consider a new strategy
you don't call yourself "Pessimist" for nothing ... now where's ex-Texan who can always find something to cry "The Sky is Falling, The Sky is Falling!" over & over ROFLMAO
What?!
No tails of quick kills in the real estate market?
"Deeper and deeper in debt while interest rates are rising."
Rates rose until late November on inflation fears, and then fell back from nearly 6.25% to around 5.75%, which is the rate at which you can refi now, if you do your homework and shop around for the best deal. The upward trend looks to have plateaued for now, based upon good reports on inflation. If fuel prices take off again, that would change the outlook and set the stage for renewed increases in mortgage rates, but for now they're pretty stable at just below 6%.
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