Dec
29

Amid Rate Drops, Mortgage Applications Soar

By
– Mortgage Bankers Association

With interest rates approaching reaching historic lows, the application volume for mortgages jumped a seasonally adjusted 48 percent last week compared with the previous week, according to the Mortgage Bankers Association’s weekly survey.

Application activity for the week ending December 19th was 124.6 percent over the same period a year ago, the Washington, D.C-based MBA said. The spike in applications coincided with another drop in mortgage rates, as the government’s efforts to unfreeze the residential-mortgage market show further signs of having the desired effect.

Applications to refinance existing mortgages increased 62.6 percent on a week-to-week basis, while applications filed for mortgages to buy homes increased a seasonally adjusted 10.6 percent.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://www.realtor.org/RMODaily.nsf/pages/News2008122401?OpenDocument&WT.cg_n=RMO&WT.cg_s=RSSDaily
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BLOG NOTE:
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As the applications are rising, are there enough appraisers still in business to handle the workload? Many residential appraisers have changed careers in the last 9 months. Also, residential lenders can’t afford to take their eye off of the HVCC changes that are rapidly approaching. The first two quarters of 2009 will be very interesting for the residential lending world. Call or e-mail me if IRR-Residential can assist with your residential appraisal needs.
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Mike Dodds

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