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)



 November 23, 2009

Mortgage Applications Drop Last Week
In information reported by the Mortgage Bankers Association, the seasonally adjusted total of home loan applications dropped for the sixth week in a row. Despite the availability of the lowest interest rates since May, last week loan applications fell just over 4.5%.
Applications to refinance an existing home loan fell nearly 1.5% last week as well.

To date, the rate for a 30-year fixed mortgage continues to be lower than 5%. When the rate fell to this point backing September, it set off a rush in mortgage applications; in particular refinancing applications.

As of last week the average interest rate on a 30 year fixed rate mortgage for borrowers with good credit scores coupled with a down payment of at least 20% came in at four point eight three percent, marking a 6-month low point and under the rate of 4.9% the previous week.

Points (upfront fees) averaged one point one seven percent, an increase from 1.03%.

Rates on 15-year fixed rate loan came in at 4.43%, a decrease from 4.33%