An article I found on the Wall Street Journal Blog. It really is a wonderful time to get a lot of great deals on homes while rates are this low, so it’s a shame to see this going on. Hope you’re having a great week!
-David Baker
http://SayHalo.com
By Dawn Wotapka
Mortgage rates are low. Very low. But so is buyer interest.
Mortgage applications dipped 4.4% for the week ended July 23, the Mortgage Bankers Association reported Wednesday. Refinance activity fell 5.9%. That’s a disappointment from a week ago, when it seemed that low rates were sparking buyers’ interest.
Those waiting for further rate declines should tread lightly: The average rate for the plain vanilla, 30-year fixed loan — currently the most popular with consumers — climbed a hair to 4.69%. Points slipped to 0.88 from 1.04. That is a slight increase, but keep in mind that last week’s 4.59% was the the lowest recorded by the trade group since the survey began in 1972. The ever-so-slight increase would do little to a monthly mortgage payment.
The survey covers more than half of U.S. retail residential mortgage applications.
Readers, where do you see rates headed?