Housing Mortgages Information

Loan Applications Increase Despite Spike in Rates

July 22, 2009 – 5:40 am Mortgage rates climbed in the week ending July 17, yet the demand for loans still managed to increase during the week, according to a weekly industry survey. The Mortgage Bankers Association said average rates for a 30-year mortgage rebounded from 5.05% to 5.31% last week, erasing the improvement seen in the prior week when rates fell 29 basis points. The jump in rates didn’t put a halt to refinancing or home purchases, however, as both indexes continued moving up from the seven-month low seen three weeks ago. ...(read more)