Market Update - Real Estate Information You Should Know #homeownership #finance #investment

Real Estate Market Update

 - Home buyers and homeowners are taking advantage of some of the lowest interest rates in a year.  Mortgage applications for refinancings and home purchases jumped 9.9 percent higher last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.  Still, the MBA reports the weekly index remains about 19 percent lower the same week a year ago, which is mostly attributed to a decrease in refinancing applications.

- The 30-year fixed-rate mortgage averaged 4.03 percent last week, dropping from 4.06 percent the week prior, the MBA reports.

- Applications for home purchases soared 11 percent last week and are now 7 percent higher than a year ago, the MBA reports.

- Applications for refinancings increased 9 percent during the week.  Refinance applications, however, are still 35 percent lower than the same week a year ago, when interest rates were lower.

- Mortgage rates began moving higher this week, as concerns abated about North Korea, which had pushed investors to the relative safety of the bond markets.  Investors began pulling out of bonds this week, causing interest rates to rise.  Mortgage rates loosely follow the yield on the 10-year U.S. Treasury.