Wednesday, March 11, 2009
A Positive Economic Indicator For A Change
While all the economic news has been, seemingly, a mix of doom and gloom, there is, today, one positive indicator that gives some hope of a recovery.
Weekly mortgage applications are up, according to the Mortgage Bankers Association.
The MBA is releasing its weekly survey for the week ending March 6, 2009. Showing an increase of 11.3 percent on a seasonally adjusted basis from the previous week. On an unadjusted basis the index increased 5.7 percent over the same week in 1008.
Refinances are up as well, by 13.3 percent.
If you're thinking of getting into a home or refinancing, rates are very attractive. The MBA says the average contract interest rate for 30-year fixed-rate mortgages (and who in their right mind is going to go for an ARM anymore, especially with the rates so low?) is down to 4.96 percent. A 15-year fixed-rate mortgage is at 4.54 percent on average.
We talk about these issues and more weekdays at 5 PM New York time on News Talk Online on Paltalk.com
Photo credit: http://www.flickr.com/photos/sfadden/180738417/