Wednesday, October 10, 2007

NAR: Mortgage Conditions Bode Well for Housing

As reported in REALTOR Magazine OnLine's Daily Real Estate News on October 10, 2007. Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the NATIONAL ASSOCIATION OF REALTORS®.

Lawrence Yun, NAR vice president of research, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.

Yun said it’s important to place the current housing market in perspective, Read More

REALTOR Magazine OnLine's Daily Real Estate News on October 10, 2007 also reported:

Mortgage Applications Rise Despite Higher Rates

Mortgage applications rose last week after falling for three weeks, according to the Mortgage Bankers Association weekly survey.

The Market Composite Index, a measure of mortgage loan application volume, was 652.0, an increase of 2.4 percent on a seasonally adjusted basis from 636.7 the previous week. On an unadjusted basis, the index increased 2.4 percent compared with the previous week and was up 8.6 percent compared with the same week last year.

The refinance share of mortgage activity increased to 46.2 percent of total applications, while the adjustable-rate mortgage share continued to decline to 13.6 percent of total applications.

Overall, average mortgage rates increased:
30-year fixed-rate mortgages increased to 6.40 percent from 6.32 percent
15-year fixed-rate mortgages increased to 6.03 from 5.95 percent
1-year ARMs decreased to 6.15 from 6.21 percent

Source: Mortgage Bankers Association (10/10/2007)

Pat Ogle and The Annapolishomes4You Team
Champion Realty, Inc
410-224-0660
http://www.annapolishomes4you.com/
PatOgle@AnnapolisHomes4You.com

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