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Ruth Ann Manison

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Prince Properties, LLC

Ruth Ann on Real Estate

I hope you enjoy my thoughts on real estate, market statistics, how-to's, and pieces I find interesting on buying, selling, remodeling, new construction, investing, and saving your resources.

Purchase Mortgage Applications Fell to December 1996 Level - Lowest in 13 Years

July 14th, 2010

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 4thin 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...

Prince Properties, LLC
105 Hunters Lane Suite 108, Friendswood, TX 77546   Get Directions
Phone: (281) 482-5888
Fax: (866) 271-3628