Mortage Rates Down, Mortgage Applications Up
According to the Mortgage Bankers Association, its Mortgage Applications index, a measure of mortgage loan application volume, increased 21% on a seasonally adjusted basis from one week earlier, for the week ending January 29, 2010.
Mortgage Refinance Index increased 26.3% from the previous week.
Mortgage Purchase Index increased 10.3% from one week earlier.
30-year fixed-rate mortgages decreased to 5.01% from 5.02%, with points increasing to 1.04 from 1.00 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
15-year fixed-rate mortgages decreased to 4.33% from 4.34%, with points increasing to 1.17 from 1.14 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
1-year adjustable-rate mortgages (ARMs) decreased to 6.70% from 6.84%, with points increasing to 0.34 from 0.33 (including the origination fee) for 80% loan-to-value (LTV) ratio loans.
A point is 1% of the mortgage amount, charged as prepaid interest.
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