The Mortgage Bankers Association reported today that due to lowering interest rates more homeowners have been seeking refinance mortgages.
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According to the Mortgage Bankers Association mortgage applications flew up 32.2 percent last week ending with January 4th.
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The Mortgage Bankers Association reported today that mortgage applications fell a seasonally adjusted 11.6% in the last week of 2007.
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According to the Mortgage Bankers Association’s weekly application survey new mortgage applications were down 7.6 percent during the week ending December 21st.
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Despite a jump in borrowing costs US mortgage applications rose last week to the highest level since July 2005.
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Home mortgage applications fell for the first time in five weeks as the recent jump in loan refinancing came to a halt.
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Angelo Mozilo, Countrywide’s co-founder and CEO, is under investigation by financial regulators for selling 130 million dollars with of shares at the start to the subprime crisis which crippled the industry over the summer. Wall Street Journal reported last night that the Securities and Exchange Commission has begun an informal inquiry into trades.
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According to a survey done by the Mortgage Bankers Association mortgage loan applications were up .7% when compared to the same week during 2006. This is the second week in a row applications have been up since the previous two week run of lowered applications.
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The final numbers are in from the National Association of Realtors and as expected 2006 suffered a large drop in prices. After a five year boom driven by a strong economy and low interest rates the real estate market started to fall in 2006.
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At this speech Ben Bernanke, Chairman of the Federal Reserve, stated that the past several months have been an eventful period for the US economy. That many of the financial markets have had increased concerns about credit quality because of investor fear.
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