This morning, as with every Wednesday, the Mortgage Bankers Association published their Weekly Mortgage Applications Survey. They found that total mortgage applications fell 6.5 percent from the previous week (the numbers are not adjusted to account for President’s Day, which was a holiday for many people.
Refinance applications fell 6.5 percent from the prior week, while purchase applications were down 6.1 percent from the week before. The four week average for all applications is off 2.5 percent, while the four week moving averages for refinances and purchases are down 2.7 percent and 2.2 percent respectively.
Refinancing continues to make up the bulk of all mortgage applications, accounting for 64.9 percent of activity, down from 65.7 percent the week before. This represents a sharp decline from October, when refinancing made up 83.1 percent of all applications, coinciding with record low mortgage rates. According to the MBA, mortgage rates have declined for three consecutive weeks, with the average rate on a 30 year fixed rate mortgage falling from 5.00 percent to 4.84 percent last week. Rates have decreased primarily because of unrest in the Middle East and the spiking price of oil.
Total Mortgage consistently has some of the best mortgage rates in the industry, consistently beating the national average. If you are looking to refinance your current mortgage or purchase a new home, call us at 877-858-2503 to speak with one of our licensed mortgage professionals. See our low rates below.
Mortgage rates are always changing. All rates were quoted at 8:20 A.M., on March 2, 2011.
| Mortgage Product | Mortgage Rates | APR |
|---|---|---|
| 30 Year Fixed Conventional | 4.625% | 4.746% |
| 15 Year Fixed Conventional | 4.125% | 4.333% |
| 30 Year Fixed FHA | 4.625% | 5.918% |
| 30 Year Fixed Jumbo | 5.375% | 5.495% |
| 5/1 Conforming ARM | 3.375% | 3.261% |
| 5/1 Jumbo ARM | 3.500% | 3.315% |
For more information on our current mortgage rates and mortgages products call 877-868-2503 today, to speak with a licensed mortgage professional.
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