Mortgage volume decreases during most recent week
July 28th, 2011 8:25am
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According to the most recent data released by the Mortgage Bankers Association, home loan activity was down during the most recent week after spiking the previous period.Overall, the number of mortgage applications filed during the period ending July 26 was down 5 percent. For the week ending July 19, activity had increased 16 percent from the previous week. During the most recent time span, however, refinancing activity was down 5.5 percent, while purchase activity fell 3.8 percent.
The previous week's increased volume was a result of the continued low interest rate for mortgages. According to Freddie Mac's most recent Primary Mortgage Market Survey, the interest rate for a 30-year fixed-rate mortgage settled at 4.57 percent, while the 15-year rate was 3.67 percent.
The MBA report also showed a decline in the four-week moving average for mortgage applications, as it fell 0.3 percent.
Regardless of the national trend, the Houston real estate market has remained strong recently, as the city's job sector continues to create jobs and spur interest in available properties.
Courtesy of 2M Realty News
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