Ruth Ann on Real Estate

Mortgage Volume at Lowest Level in 13 years
Mortgage applications to purchase homes fell to the lowest level since December 1996, decreasing 3.1 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly report.

On an unadjusted basis, the purchase index declined 12.7 percent compared to the previous week and was down 43 percent compared to the week of July 4^thin 2009.

Interest rates were up slightly, though they remain very low:

• 30-year fixed-rate mortgages increased to 4.69 percent from 4.68 percent.
• 15-year fixed-rate mortgages increased to 4.12 percent from 4.11 percent.
• 1-year ARMs remained unchanged at 7.20 percent.

Source: Mortgage Bankers Association (07/14/2010)

Rates have inched up slightly. When volume drops, lenders become more motivated to deliver exceptional service. Are you ready to buy? It's a great time...