U.S. mortgage applications rose last week, recovering from an almost 8-year low, as potential borrowers took advantage of a sharp drop in interest rates
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended Nov. 7 increased 11.9 percent to 425.0, up from the previous week when the reading reached its lowest level since December 2000.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.24 percent, down 0.23 percentage point from the previous week.
It was the largest interest rate drop since the week ended Sept. 12 when it fell by 0.24 percentage point to 5.82 percent.
Interest rates are below the peak of 6.59 percent reached during the summer, but above the 2008 low of 5.49 percent in January, according to the trade group.
Interest rates were below year-ago levels of 6.19 percent.
Treasury yields, which are linked to mortgage rates, have fluctuated sharply in recent months, causing home loan demand to shift sharply on a weekly basis.
The four-week moving average of mortgage applications, which smoothes the volatile weekly figures, was down 3.7 percent.
About Bradley E. Arnowitz, P.A. & Associates
Bradley E. Arnowitz P.A. & Associates of Re/Max Beach Properties http://www.arnowitzproperties.com/ is a full-service firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.
Bradley E. Arnowitz P.A. & Associates of Re/Max Beach Properties http://www.arnowitzproperties.com/ is a full-service firm providing brokerage, development, sales investment, property management, asset management, and residential services for office, multi-family, industrial/commercial, residential, and retail properties.
Bradley E. Arnowitz, P.A. has been serving South Florida with Honesty, Integrity, & Results since 2001.
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