2008 Jan 17th

Interest Rates Fall – Demand for Home Mortgage Surges

Mortgage Demand Hit 4 Year High Last Week

Rueters reported that according to the Mortgage Bankers Association, the seasonally adjusted index of mortgage applications, which includes both purchases and refinances, increased 28.4%. The index ended this week the hightest its been since April of 2004.

The interest on a 30 year fixed rate home mortgage for a primary residence is down to a nationwide averate of 5.62%. It has not been that low since July 1, 2005 when it was at 5.58%. A year ago, it was 6.19%.

Compared to last year, mortgage applications were up 35.9% last week.

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