For those folks looking to refinance or purchase, the news on Wednesday continues to be nothing but positive.
Rates Continue Down; Loan Applications Up
Jul 22 2010, 08:01
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The Mortgage Bankers Association (MBA) reported that their refinancing index jumped 8.6% in the July 16 week, making for a nearly 30% gain over the past four weeks. The average 30-year mortgage fell 10 basis points in the week to 4.59%, the lowest ever in the survey.
Low rates continue to be a consistant positive for home sales. The MBAs purchase index also rose -- up 3.4%. Much of the demand was driven by government loans which have low down-payments.
Wednesday's report, along with Tuesday's rise in applications for housing permits, are indisputable good news for the housing sector.