Mortgage Naples, Florida
Homeownership Still a Good Decision Even as Mortgage Rates Change
by Ed Ferrara While homeownership numbers may be down, Americans continue to believe that owning a home is still a good decision even as mortgage rates have changed. According to the National Association of Realtors 2013 National Housing Pulse Survey, eight in 10 people believe that purchasing a home is a good choice and 68% believe that now is a good time to make a purchase. Since the last survey in 2011, renters who are contemplating a home purchase rose from 25% to 36% while those who stated they prefer to rent fell from 31% to 25%. More than half of the renters surveyed stated that one of their highest priorities is owning a home, up to 51% from 42%. According to the most recent survey of wholesale and direct lenders performed by FreeRateUpdate.com, current conforming 30 year fixed mortgage rates are as low as 3.875% (APR 4.052%), 15 year fixed mortgage interest rates are as low as 2.750% (APR 3.168%) and 5/1 adjustable mortgage rates are as low as 2.375% (APR 2.628%). Low rates are available to borrowers who have maintained a history of good credit. Borrowers must also meet the qualification guidelines that are required for approval. Mortgage purchase applications fell 3% for the week ending July 26th, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. However, purchase volume is approximately 5% higher than the same time last year. Refinances have been hit hard by the recent news concerning rising rates. The report also showed that the Refinance Index dropped 4% for the week and has reached the lowest level in more than two years. Total mortgage refinance activity is unchanged at 63%. HARP loan business continues to be healthy and rose to 37% of all refinance applications. There are still X[?H [?\??]\??Y[??\?? ??\?H[Y?X?H??HT? ?Y?[?[??\? ?X? ?[?H]?Z[X?H [?[ H[?? ? MK??\??[??H ? YX\??^Y[??Y?H ?]\?\?H\???\? ??L H
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