Mortgage Refinance 2008 Year End Numbers
The rising unemployment rate, and a shrinking U.S. economy, has struggling consumers looking for relief through Mortgage Refinance. A smaller amount of buyers seeking new loans and those seeking lower monthly payments on current Loans, are currently raising the number of applications. The percentage increase ending January 9, 2009, includes both mortgage refinance and purchase loans. This happens to be the highest combined percentage increase since 2003.
The purchase market shows growth much slower than that of the refinance market, but everyone is hoping the low mortgage rates will create demand for new Mortgage applications. According to the Mortgage Bankers Association, mortgage refinance applications rose from 79.8 to 85.3 the previous week, which is the highest jump for the Refinance sector since the early 90's.
Everyone is hoping the low mortgage rates will spike demand for new Mortgage applications, even though the purchase market shows slower growth than the refinance market. The Mortgage Refinance sector will show an increase in applications due to the weakening economy as consumers continue looking for ways to reduce their expenditures.
Mortgage Refinance jumped from 79.8 to 85.3 last week, which is the highest increase for the Refinance sector, solely, since 1990. Several factors including the climbing unemployment rate and its role in slowing the economy have contributed to shaky financial markets, keeping buyers from applying for mortgage finance.
The World is watching and waiting for positive change in a situation some have called, the worst housing downturn since the Great Depression. There seems to be little sign of recovery even with a significant rise in applications for Mortgage Refinance so it is hard to tell what is going to happen over the next 6 months to a year. We have to rely on Government proposals and plans for right now.
One online real estate service claims that loan requests are up over 200 percent from two months ago. Companies that offer services for the mortgage industry have stated they are working twice as hard to handle the increase in volume of Mortgage Refinance requests and will try to avoid hiring more employees looking for the normal rise in rates once the market settles. Applications for mortgage refinance jumped 25.6 percent. And last week's mortgage applications helped its four week average rising by 10.8 percent.
The 30 year mortgage rates in this Nation dramatically declined in November of 2008, when the Federal Reserve announced its plan to buy approximately $500 billion worth of mortgage securities that were backed by Fannie, Ginnie and Freddie. The Federal Government, prompted by the dive of the finance market, has made a commitment to keep consumers borrowing costs down through the purchase of mortgage-backed securities. As for Mortgage Refinance, now is a great time to lock in at a low rate since we know rates will not stay down forever.
The Index came in well below its level from a year ago with a 35.9% drop and hit an eight year low in November of 2008. The Mortgage Bankers Association shows their seasonally adjusted purchase index fell 14.1% with applications for mortgage refinance jumping 25.6 percent. And last week's mortgage applications helped their four week average by rising 10.8 percent.
The purchase market shows growth much slower than that of the refinance market, but everyone is hoping the low mortgage rates will create demand for new Mortgage applications. According to the Mortgage Bankers Association, mortgage refinance applications rose from 79.8 to 85.3 the previous week, which is the highest jump for the Refinance sector since the early 90's.
Everyone is hoping the low mortgage rates will spike demand for new Mortgage applications, even though the purchase market shows slower growth than the refinance market. The Mortgage Refinance sector will show an increase in applications due to the weakening economy as consumers continue looking for ways to reduce their expenditures.
Mortgage Refinance jumped from 79.8 to 85.3 last week, which is the highest increase for the Refinance sector, solely, since 1990. Several factors including the climbing unemployment rate and its role in slowing the economy have contributed to shaky financial markets, keeping buyers from applying for mortgage finance.
The World is watching and waiting for positive change in a situation some have called, the worst housing downturn since the Great Depression. There seems to be little sign of recovery even with a significant rise in applications for Mortgage Refinance so it is hard to tell what is going to happen over the next 6 months to a year. We have to rely on Government proposals and plans for right now.
One online real estate service claims that loan requests are up over 200 percent from two months ago. Companies that offer services for the mortgage industry have stated they are working twice as hard to handle the increase in volume of Mortgage Refinance requests and will try to avoid hiring more employees looking for the normal rise in rates once the market settles. Applications for mortgage refinance jumped 25.6 percent. And last week's mortgage applications helped its four week average rising by 10.8 percent.
The 30 year mortgage rates in this Nation dramatically declined in November of 2008, when the Federal Reserve announced its plan to buy approximately $500 billion worth of mortgage securities that were backed by Fannie, Ginnie and Freddie. The Federal Government, prompted by the dive of the finance market, has made a commitment to keep consumers borrowing costs down through the purchase of mortgage-backed securities. As for Mortgage Refinance, now is a great time to lock in at a low rate since we know rates will not stay down forever.
The Index came in well below its level from a year ago with a 35.9% drop and hit an eight year low in November of 2008. The Mortgage Bankers Association shows their seasonally adjusted purchase index fell 14.1% with applications for mortgage refinance jumping 25.6 percent. And last week's mortgage applications helped their four week average by rising 10.8 percent.
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This article is brought to you by the experts at EFD Commercial Investments Inc. For more free information about loan refinance, visit their Mortgage Refinance page.
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