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






Search the San Diego MLS
(includes all areas in San Diego County)



 June 29, 2009

Decline in Interest Rates Spur Increase of applications
After nearly one month of sluggish numbers, the volume of mortgage applications showed an increase last week. The number of mortgage applications accepted in a week fell to a seven month low point prior to this past week.
The MBA (Mortgage Bankers Association) market index increased by six point six percent when adjusted on a seasonal basis up from five point one four to five forty-eight point two over the previous week.

When calculated on an unadjusted basis, the MBA's index went up six percent over the previous week and when compared to 2008, increased seventeen point two percent.

Both types of applications increased last week: purchases and refinancing. Applications for purchases increased seven point three percent and refinancing increased five poont nine percent.

Average rates as of last week are as follows:

30 yr fixed mortgages 5.44%
15 yr. fixed mortgages 4.93%
1 yr, adjustable rate mortgages 6.54%