Ryan’s Mortgage Blog:
So right after I stated last week that rates were slightly up…hours later they lowered….figures. Maybe I will keep posting rates are up and they will actually go down :). Right now the average 30 Year fixed rate is at 5.7%, the lowest since Sept. 2005.
Mortgage Bankers of America reported this morning that mortgage applications (both purchase and refi’s) increased 32% over the week ending January 3rd. This is good news, but not necessarily a sign the housing problem is coming to an end. These stats aren’t counted per person, but per application, so one person could have five applications due to the tightening of underwriting guidelines.
Feel free to contact me at RBaker@PeregrineLending.com or 805-540-0866.