Record low mortgage rates rev up refinance applications
Mortgage rates reached record lows for 30-year fixed-rate home loans, 15-year fixed-rate home loans and for a 5/1 adjustable rate mortgage last week and homeowners jumped at the opportunity to refinance.
Applications for a mortgage refinance increased 9.4 percent during the week ending February 3, 2012 compared with the previous week, according to the Mortgage Bankers Association (MBA) in their weekly Mortgage Applications Survey. The refinance share of all mortgage applications rose to 80.5 percent last week and adjustable rate mortgages (ARMs) rose to six percent of all home loan applications.
According to HSH.com, the average rate for a 30-year fixed-rate home loan last week was 4.18 percent and the average rate for a 15-year fixed-rate home loan dipped to 3.46 percent, both record lows for the HSH survey.
Tags: Mortgage Rates, Rates, Record Low
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On August 4, the Senate Banking Committee will hold a hearing regarding the nomination of Richard Cordray as director of the Consumer Financial Protection Bureau.