Mortgages plateau in latest applications survey

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Mortgages plateau in latest applications survey

August 12, 2010 - The number of people moving into new homes may have come to a temporary standstill, according to one report.

For the week ending August 6, purchase and refinance applications mostly remained flat from the previous week, experiencing only marginal increases, reported the Mortgage Bankers Association. The number of people who submitted a mortgage application to buy a home grew just 0.3 percent from the previous week, while refinancing activity inched higher by 0.6 percent.

Mortgage rates continued to drop, making purchasing a home more affordable, but even so the real estate market remained stagnant, reported the MBA. Rates on 30-year fixed-rate mortgages and 15-year FRMs are at their lowest levels ever recorded by the MBA's weekly applications survey. Additionally, five-year adjustable-rate mortgages are below 4 percent, making them an attractive option for someone in need of a shorter-term mortgage.

Those conditions make today's market a ripe opportunity for anyone considering a relocation. Homebuyers should be just as cautious seeking mortgage financing as they would be when researching a moving company to transport their possessions to their new home.

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