Mortgage Demand Slows….
Saturday, September 19, 2009 | Add a comment
Applications for mortgage loans slowed down with the summer ending. Adding to this slow down is potential first-time home-buyers wondering if they’ll be able to close fast enough receive the federal home ownership tax credit, which expires Dec. 1, 2009.
According to the Mortgage Bankers Association index, applications declined 8.6 percent last week on a seasonally adjusted basis. The index declined 18.3 percent compared with the previous week and fell 18.7 percent compared with the same week a year ago when the Labor Day holiday fell nearly a week earlier.
Mortgage interest rates were as follows:
- 30-year fixed-rate mortgages increased to 5.08 percent from 5.02 percent.
- 15-year fixed-rate mortgages decreased to 4.41 percent from 4.45 percent.
- 1-year ARMs decreased to 6.61 percent from 6.69 percent.
