Housing Mortgages Information

MBA: Mortgage Rates Hold Below 5.00%. Loan Demand Falls

September 30, 2009 – 4:21 am Mortgage rates remained below 5% for the second week in a row, yet the low rates fail to spur increased appetite for refinancing, new loans, or purchases, an industry survey said Wednesday. The Mortgage Bankers Association said the average rate for a 30-year mortgage fell three basis points to 4.94% in the week ending September 25 ― the lowest rate since early May. Yet, even with the $8,000 tax credit for first-time home purchasers expiring soon, loan applications decreased by 2.8% in the week....(read more)