The Market in SIMPLE English

Home Mortgage Applications SURGE!!

Eagles,

The Mortgage Bankers Association (MBA) just released its weekly index of home mortgage applications. Last week, this index SURGED 12.8 percent, to its highest level since the week ending on May 22nd.

In the news release from the MBA go on to say, not only were consumers clamoring to refinance their current home loan, applications for new purchases were also robust.

Borrowing costs on a 30-year fixed-rate mortgage, excluding fees, averaged 4.97 percent, down 0.11 percentage point from the previous week. It was the first time since the week ending May 22 that the rate on this most widely used home loan was below 5 percent.

The all-time low for this index of 4.61 percent was set in the week ending March 27.

Interest rates one year ago was at 6.08 percent.

This is all GREAT news for our Fall real estate market. Now is the time to focus in on your business - SALES ARE BEING MADE NOW! I had tremendous reports on up calls and sales activity over last weekend! One Eagle reported to me she has ratified over $1.4 million in sales this past weekend. The Manassas office had eight cold up calls, including both buyer and sellers, over the weekend.

I think we are about to experience a second "Spring Market" this year.

Please let me know how I can help.

Thanks,

Chuck

2 comments • Chuck Cornwell • September 23 2009 07:32AM