La Jolla Real Estate, Del Mar Homes, Rancho Santa Fe, Carmel Valley, University City and Downtown San Diego real estate,
homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Sign Up For Email Updates
(includes all areas in San Diego County)





 JAN 05, 2007
Applications for New Mortgages Increase In Spite of Holidays and Rates
In spite of the Holiday season and rising mortgage rates, prospective home buyers were busy filing loan applications last week.


The MCI, or Market Composite Index, measures the volume of mortgage loan applications reported a 3.6% increase on an adjusted basis from the previous week. These figures are posted by the MBA (Mortgage Bankers Association.)

When reported on an unadjusted basis, the index shows an increase of 6.9% over the same week in 2005.

Applications for home purchase loans were the majority. The Purchase Index showed an increase of 4.3% while the Refinance Index had an increase of 2.2%.

Interest rates have been on a steady climb throughout the previous four weeks. This has resulted in higher borrowing costs. Costs on a 30-year mortgage with a fixed rate came in at an average of 6.22%, reflecting an increase of 0.10% from the previous week's numbers.

The rate for a 15-year fixed rate mortgage showed an average of 5.93%, an increase from 5.84%. The rate for a one-year ARM (Adjustable-rate mortgage) went down to 5.84% from 5.87%.

Back to Real Estate News