Applications for mortgages decreased as mortgage interest rates rose to recent highs during the week ended March 8. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of application volume, was down 4.7 percent on a seasonally adjusted basis from the previous week and 4.0 percent on an unadjusted basis.
The Refinance Index was down 5 percent compared to the week ended March 1 and the refinance share of mortgage activity decreased to 76 percent of total applications from 77 percent, the lowest share of refinancing applications since May 2012. Thirty percent of those applications were for Home Affordable Mortgage’s (HARP), up from 28 percent the previous week. The seasonally adjusted Purchase Index was down 3 percent while the unadjusted index was down 1 percent from the prior week and was 9 percent higher than one year earlier.
Read Mortgage News Daily’s entire article as it touches on factors you need to consider in 2013 for your home selling or buying interests. As the market is in flux with concerns regarding inventory availability, Notice of Default filings on the rise, and HAFA’s expiration for the second consecutive year?! Donald Lainer, Team Leader for the Platinum Elite Group touches on the Las Vegas Market Conditions in his Neighborhood Home Rescue Workshops.
For questions or to discuss your specific circumstances and needs in detail, feel free to contact one of our associates at PlatinumElite.com, firstname.lastname@example.org or by calling 702.869.9999.
- Mortgage Applications Slide on Rising Interest Rates (dailyfinance.com)
- Is 2013 the Right Time to Buy a Home? (athomesense.com)
- MBA: Mortgage Applications decrease, Mortgage Rates highest since August 2012 (calculatedriskblog.com)
- Mortgage Interest Rates Rise: How Will This Affect Real Estate Transactions In 2013? (prweb.com)
- Large Drop in Mortgage Applications Last Week (247wallst.com)