Mortgage Applications Increase While Mortgage Rates Decrease

The Mortgage Bankers Association (MBA) announced that an increase of mortgage applications for the week ending April 15th increased by 5.3% from the prior week. MBA’s composition analysis of the increase reveals that the “Purchase Index increased 10.0 percent to its highest level since December 3, 2010, driven largely by a 17.6 percent increase in Government purchase applications”.  

On a side note, “30-year fixed-rate mortgages decreased to 4.83 percent from 4.98 percent” while “15-year fixed-rate mortgages decreased to 4.07 percent from 4.17 percent.” http://bit.ly/eczqK4

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