Low Interest Rate Spurs Interest - MH Marketing Sales Management

According to a Mortgage Bankers Association (MBA) survey, the average 30-year fixed-rate mortgage dropped to 3.87%, the lowest rate since MBA started the survey, while the 30-year fixed-rate jumbo loan (greater than $417,500) fell to 4.13%, also the lowest in the survey?s history. Meanwhile, says NationalMortgageNews, applications to refinance loans rose one percent to 78%, indicating the purchase money business remains tepid, as overall mortgage applications dropped nine percent week-to-week. Purchase money apps fell 13 percent during the same time frame. But because of the low interest rate, lenders are reporting a flood of phone calls and emails. MHProNews.com was told by one lender a home refinance 30-year FRM application would require up to 90 days to process because of all the inquiries.

(Image credit: TexasLendingToday)

Categories: Business, Economy, Finance, home buyers, News Item, Trends Tags: 30 year fixed rate, 30 year fixed rate mortgage, apps, fixed rate mortgage, flood, inquiries, interest rate, jumbo loan, lenders, Loans, mba survey, money business, Mortgage Application, mortgage applications, Mortgage Bankers Association, phone calls, purchase money, time frame, year fixed rate mortgage

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