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The Applications Keep Rising
This is GREAT News.

This is the information naitonally, but from talking to my lenders in the Salt Lake City Real Estate Market, the Mortgage applications are on the rise locally as well.

Mortgage applications continued to rise as home owners took advantage of low rates to refinance and more buyers put their toes in the market, according to the Mortgage Bankers Association’s weekly survey.

Mortgage application volume rose 4.7 percent last week on a seasonally adjusted basis to 1,250.6 from 1,194.4 the previous week. On an unadjusted basis, the index rose 4.9 percent. It was up 67.6 compared with the same week a year ago.

The refinance share of mortgage activity declined slightly to 77.9 percent of total applications from 79.1 percent the previous week, while the seasonally adjusted purchase index increased 11.1 percent.

Mortgage rates rose slightly, but fixed rates remained below 5 percent:

30-year fixed-rate mortgages increased to 4.73 percent from 4.61 percent.
15-year fixed-rate mortgages increased to 4.49 percent from 4.45 percent.
1-year ARMs increased to 6.23 percent from 6.20 percent.

Source: Mortgage Bankers Association (04/08/2009)

by Linda Bills - 4-9-09

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