Tuesday, August 21, 2018
APPLY NOW PURCHASE REFINANCE CONSOLIDATE DEBT HOME EQUITY LOAN
 
Need a little extra cash?
Refinance to reduce your monthly mortgage. Apply now using our step by step application.
 

Refinance applications rose last week

Mortgage News > Refinance applications rose last week
Date: 07/15/2009    Refinance applications rose last week

The Mortgage Bankers Association released their weekly mortgage application survey today reporting that requests for refinance loans last week rose by 17.7 percent. Despite a drop in purchase loan requests applications in general increased by 4.3 percent from the week before.

Refinance applications accounted for almost 55 percent up from 48.4 percent the week before. The survey indicates that average mortgage rates for a 30-year fixed loan from 5.34 percent to 5.05 percent. Rates on 15-year fixed loans dropped to 4.59 percent during the same week.

The report indicates the reason for the refinance lift saying, "As the Federal Reserve cut interest rates to record lows, hundreds of thousands of borrowers were able to take out cheaper loans. Lenders issued an estimated $1 trillion worth of mortgages during the first half of 2009, according to Inside Mortgage Finance."

back