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Lower interest rates not boosting Cali real estates sales |
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Written by Mabelle
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Wednesday, 01 March 2006 |
CA—Mortgage Bankers Association (MBA) reported that the number of mortgage applications for the week leading to February 24 fell 1.2 percent despite lower interest rates.
The MBA’s seasonally adjusted mortgage index is regarded as a good gauge of US home sales. Figures were also down from the same time period in 2005.Home mortgage interest rates were hitting the bottom. A 30-year fixed rate mortgage—an industry standard—averaged 6.18 percent, down by 0.04 percent from the previous week’s levels. The rates for the 15-year fixed mortgage averaged by 5.84 percent, down from 5.87 percent the previous week.Refinancing for homes experienced impact demand due to the drop of interest rates, raising refinancing applications by 0.1 percent.Analysts also reported an increased numbers of borrowers converting from adjustable rate mortgages to fixed-rate loans.
By: Royce Ambrocio
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Last Updated ( Thursday, 20 April 2006 )
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