Mortgage Bankers Association (MBA) released its Weekly Mortgage Application Survey for the week ending September 24, 2010 today. The Market Composite Index which measures the total mortgage application volume fell 0.8 percent from last week on a seasonally adjusted basis. The index fell 1.0 percent compared to a week before on an unadjusted basis.
Refinance Index also declined by 1.6 percent compared to last week. This is the fourth weekly decrease in refinancing activity. The purchasing activity was increased by 2.4 percent from the previous week on a seasonally adjusted basis. This increase in the purchase index was due to the increase in government purchasing the applications by 4.5 percent. The increase with a conventional purchase was by 0.8 percent.
The average contact interest rates for other mortgage products were also included in the survey. The interest rate for a 30 year fixed rate mortgage declined to 4.38 percent from 4.44 percent with points increasing to 1.01 from 0.81. This is a new low for a 30 year fixed contact, compared to the low 4.43 percent from the week ending August 27, 2010
At Total Mortgage, we are offering some of the lowest mortgage rates across the nation. If you are paying above 5% in your current mortgage rate, you should consider refinancing and take advantage of the low mortgage rates and save some extra cash for your pocket. Call us at 877-868-2503 to speak with a licensed mortgage professional and see how much you can save.
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