Applications For Mortgages Go Up By 9.5% For The Last Week Of March 2015

Written by Posted On Thursday, 26 March 2015 12:44

Mortgage applications went up by 9.5% for the week ending March 26, 2015 compared to last week. As a result, lenders such as Wells Fargo and Bank of America have seen an increase in transactions. The refinance index also went up by 12% while the seasonally adjusted purchase index increased by 5%. The unadjusted purchase index went up by 5%.

Lower interest rates may have had an effect on the increase in market activity. The average rate for a 30 year fixed rate mortgage is currently at 3.90%. Rates for 30 year fixed rate jumbo loan mortgages also decreased to 3.8 % which is the lowest since January 2015.

Rates for FHA loans hit the lowest levels with been since this year from 3.74% to 3.71%. Rates for the 15 year fixed rate mortgage decreased to 3.22% which is also an all-time low since February 2015. The average rate for 5/1 ARM and mortgages also decreased to 2.97%.

Mortgage loans which decreased in activity include FHA loans and VA loans. FHA loans saw a decrease in consumer applications from 14.3% to 13.3% while VA loan side decrease from 10.3% to 10.1%. USDA loans also had a job to 0.8%.

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