| December Mortgage Industry Trend: Refinancing |
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| Written by Amber | |
| Friday, 11 December 2009 | |
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For the past two weeks the reports published by the Mortgage Bankers Association (MBA) reflect that the primary mortgage activity is currently refinancing. In fact, refinancing reached a two-month high according to their latest report.
It appears that in the current tumultuous real estate market – intensified by the traditionally slow industry holiday season – right now buying is being overshadowed by a demand for refinancing. The MBA reflects that nearly 75% of mortgage requests are currently for refinancing rather than for a new home purchase. However, the mortgage industry is busy in general. The refinance index rose to 11.1% and the total mortgage loan application volume rose 8.5%. That means that while refinancing is dominating the sector, purchase applications are also stimulating the sector. The good news is new purchase applications are up 41.7% from the previous week, but the bad news is that they are still down 18.8% compared to the same week in 2008. Here's a quick view of the current mortgage rates this week:
Read the full MBA report here. |
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