Daily Dupaco

Thursday, June 25, 2009

Mortgage Activity Rebounds

Mortgage activity rebounded last week following four weeks of decline because of rising interest rates, the Mortgage Bankers Association (MBA) reported Wednesday.

Last week, the national average 30-year, fixed-rate mortgage (FRM) dipped 6 basis points to 5.44%, while the one-year, adjustable-rate mortgage (ARM) was unchanged at 6.54%.

In Iowa, the average for a 30-year, fixed rate loan was 5.65%, according to DataTrac. The average for the 15-year mortgage was 5.15%.

Although still 60 basis points higher than the historic lows seen only a month ago, the recent decline in the 30-year FRM has sparked interest in refinancing. Rising foreclosures have boosted home sales, but those foreclosures will in turn continue to dampen prices.
Comments (0)

Post a Comment

Please provide your information. Name and email address are required. Email address will not be displayed with the comment.
Comment Title:
Please enter the code shown in the image

Thank you. Your comment is being reviewed and if approved, will be posted shortly.

Related Content
Daily Dupaco Archive
Get up to $300 cash back* with a Dupaco Home Equity Line of Credit
For a limited time, get $600 off closing costs with a Dupaco mortgage loan