Well some people are still buying property so that's a good thing! Mortgage applications are on the rise and hopefully that will lead to more approvals! It has been a tough few months that's for sure...many things are changing and many more changes are to come. Stay tuned to www.InvestSmarter.com and the forum section to stay on top of the latest news and to help others stay on top of what's going on in today's Real Estate Market. The Destin Florida Home market has been an interesting one that's for sure!
We have seen pretty decent growth and some fabulous trends of late. Prices are down to a normal rate and we have begun publishing other information about Real Estate in Destin Florida online so please take some time to look at it today.
Mortgage Applications Rise
Mortgage applications rose 7.5 percent from 477.5 the previous week to 513.4 last week, the highest level in more than a month, according to the Mortgage Banker Association’s weekly survey.The numbers are adjusted to account for the July 4th holiday. On an unadjusted basis, the index decreased 14.1 percent compared to the previous week and was down 18.1 percent compared with the same week a year ago.Despite rising interest rates, the refinance share of mortgage activity rose 8.7 percent, while the purchase index increased 6.7 percent.
30-year fixed-rate mortgages increased to 6.43 percent from 6.33 percent;
15-year fixed-rate mortgages increased to 5.94 percent from 5.90 percent;
1-year ARMs increased to 7.24 percent from 7.14 percent.
Source: Mortgage Bankers Association (07/09/2008)
More and more we are seeing the minium monthly payment thoughts and this just comes back into play here. So when looking online at www.Destin-Florida-MLS.com make sure that you are looking to see what's available and use our investment calculators to dig deeper into your overall costs.
Thursday, July 10, 2008
Thursday, July 3, 2008
Mortgage Applications on the Rise
One of the biggest problems we have seen lately relates to banks and lenders being tighter than normal when it comes to loaning money. Even strong credit doesn't help much these days!! We have published more information online with www.InvestSmarter.com discussing financing options and more information around the key basic portions of the Real Estate financial market. It seems to be in constant change as seen below:
Mortgage Applications Rise
Mortgage applications rose 3.6 percent last week on a seasonally adjusted basis to 477.7 from 461.3, according to the Mortgage Bankers Association weekly survey.On an unadjusted basis, the index increased 3.2 percent compared to the previous week, but it was down 22.8 percent compared with the same week last year.The refinance index increased 4.7 percent and the purchase index rose 2.8 percent, at least in part because mortgage rates declined slightly after hitting yearly highs earlier in the month.Mortgage rates were mixed last week:
30-year fixed-rate mortgages decreased to 6.33 percent from 6.39 percent
15-year fixed-rate mortgages decreased to 5.9 percent from 5.95 percent
1-year ARMs increased to 7.14 percent from 7.09 percent.Source: Mortgage Bankers Association (07/02/2008)
More people are leaning to the 1 year ARMs which bother us some at www.Destin-Florida-MLS.com because this is part of the problem we have been seeing within the constraints of what's available. It might be a quick and ok fix for someone that is already owning the home, i.e. refinancing, but for a new loan or purchase you could be setting yourself up for failure. The only second thought to that would be if it's a property you are being forced to close on and are trying to flip out of. Keeping your monthly payment as low as possible is important.
We hope we can continue to provide more information on topics such as these in the months to come. Stay tuned for more!!!
Mortgage Applications Rise
Mortgage applications rose 3.6 percent last week on a seasonally adjusted basis to 477.7 from 461.3, according to the Mortgage Bankers Association weekly survey.On an unadjusted basis, the index increased 3.2 percent compared to the previous week, but it was down 22.8 percent compared with the same week last year.The refinance index increased 4.7 percent and the purchase index rose 2.8 percent, at least in part because mortgage rates declined slightly after hitting yearly highs earlier in the month.Mortgage rates were mixed last week:
30-year fixed-rate mortgages decreased to 6.33 percent from 6.39 percent
15-year fixed-rate mortgages decreased to 5.9 percent from 5.95 percent
1-year ARMs increased to 7.14 percent from 7.09 percent.Source: Mortgage Bankers Association (07/02/2008)
More people are leaning to the 1 year ARMs which bother us some at www.Destin-Florida-MLS.com because this is part of the problem we have been seeing within the constraints of what's available. It might be a quick and ok fix for someone that is already owning the home, i.e. refinancing, but for a new loan or purchase you could be setting yourself up for failure. The only second thought to that would be if it's a property you are being forced to close on and are trying to flip out of. Keeping your monthly payment as low as possible is important.
We hope we can continue to provide more information on topics such as these in the months to come. Stay tuned for more!!!
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