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Low Interest Rates Drive Mortgage Applications

Mortgage News > Low Interest Rates Drive Mortgage Applications
Date: 02/06/2013    Low Interest Rates Drive Mortgage Applications

Mortgage applications saw a boost in numbers this week rising 16%.  The Mortgage Brokers Association (MBA) reported the data Wednesday a long with information regarding the refinance index which also rose 15% in the last week.

Low interest rates are driving the rise in numbers.  This week the average rate for a conforming 30-yr-fixed mortgage rest at 3.73% and 3.53% for a Federal Housing Administration (FHA) backed loan.  15-year fixed rate mortgages are available at a 3% interest rate.
 

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