The Mortgage Bankers Association announced that its seasonally adjusted index of mortgage applications increased by 13% in the week ending June 10, 2011. This was the biggest gain since March. This index includes both refinance and purchase transactions.
Total Breakdown:
Refinance application were up 16.5%
Purchase applications were up 4.5%
Declining Rates:
The group went on to point out that Mortgage rates have dropped for 8 of the past 9 weeks.
Contact Dwyer Law:
If you are considering refinancing your property or purchasing a new one and are looking for assistance with the process, please feel free to give us a call (Initial consultations are free).
Final Thoughts:
If you are a first time homeowner or looking to upgrade, NOW is a good time to get off the fence and into the Market. And, if you are already a home owner NOW is a good time to contact your mortgage consultant to see if you can lower your monthly payments.
For more information see: http://http//www.reuters.com/article/2011/06/15/us-usa-economy-mortgages-idUSTRE73C1ZG20110615
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