Mortgage Applications Rise as Rates Fall

Mortgage rates declined last week, triggering a dramatic jump in mortgage applications.

The Mortgage Bankers Association reported that its weekly index of mortgage application volume rose 17 percent on a seasonally adjusted basis compared to the previous week.

On an unadjusted basis, the index increased 15.8 percent and was up a whopping 64.5 percent compared to the same week a year ago.

Much of the increase was in refinances, with the refinance index increasing 22.5 percent, the biggest jump since March.

The purchase index rose 9.5 percent, which was the largest gain since early April.Mortgage rates were down across the board:

30-year fixed-rate mortgages decreased to 5.02 percent from 5.15 percent.
15-year fixed-rate mortgages decreased to 4.45 percent from 4.57 percent.
1-year ARMs decreased to 6.69 percent from 6.71 percent.

www.BestRateToday.info

Source: Mortgage Bankers Association (09/09/2009)

10 Housing Markets Likely to Rebound Soon

Real estate forecasting service Local Market Monitor, which predicts housing market trends for investors and banks, forecasts that housing prices will decline an average of 5 percent through 2010.

This prediction includes double-digit decreases in Phoenix, Miami, and Las Vegas.

But then the worst could be over, says CEO Ingo Winzer. As the recession eases, “We’ll see good price increases in many markets,” he reports.

In the following markets, home values are expected to remain level this year but increase in value next year:

Baton Rouge, La.
Buffalo-Niagara Falls, N.Y.
Dallas-Plano-Irving, Texas
Fort Worth-Arlington, Texas
Houston-Sugar Land-Baytown, Texas
Little Rock-North Little Rock-Conway, Ark.
Omaha-Council Bluffs, Neb.-Iowa
Pittsburgh, Pa.
San Antonio, Texas
Syracuse, N.Y.

Here are the 10 largest markets where prices are expected to continue to decline through 2010:

Fresno, Calif.
Las Vegas-Paradise, Nev.
Miami-Miami Beach-Kendall, Fla.
Orlando-Kissimmee, Fla.
Phoenix-Mesa-Scottsdale, Ariz.
Portland-Vancouver-Beaverton, Ore.-Wash.
San Jose-Sunnyvale-Santa Clara, Calif.
Stockton, Calif.
Tacoma, Wash.
Tucson, Ariz.

For Indianapolis Area homes for sale visit: www.IndyRealEstate.info


Source: Local Market Monitor (09/09/2009)