Wednesday, December 3, 2008

Mortgage applications up 112.1% last week

US borrowers rush to refinance

Mortgage applications filed last week rose a seasonally adjusted 112.1%, compared with the week before, as borrowers rushed to lock in lower rates, according to the Mortgage Bankers Association's weekly survey, released on Wednesday.

Posted by gardeniadotnet @ 02:10 PM (520 views)
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2 thoughts on “Mortgage applications up 112.1% last week

  • “The Federal Reserve announced last week that it would purchase up to $100 billion in direct debt of Fannie, Freddie and the Federal Home Loan Banks, along with up to $500 billion of mortgage-backed securities backed by Fannie, Freddie and Ginnie Mae.
    The move caused mortgage rates to drop. ”

    I am a bit puzzled. Can someone explain that the fact that government buys from the government cause mortgage rates to drop ?Why not having a decree that all mortgages are free instead???

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  • Applications is a completely different thing to approvals. Lending criteria very strict at the moment for these rates.

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