This is not a reference to a never before heard Door’s song, this is all about the real estate market and mortgages. But you can click the link to find the Door’s site and song LA Woman.
The Mortgage Banker’s Association said Wednesday its index of mortgage application activity showed a 5 percent increase in home buyers and a five percent increase in refinancing activity across the country.
The MBA also said rates continued to rise hitting their highest levels in more than a year.
The average rate for a 30-year fixed conforming loan was 4.15 percent last week, up from 4.07, the bankers said. For jumbo loans ,the rate increased to 4.25 percent from 4.2 percent. The jumbo loans would be for the mansions.
Fifteen year fixed rate mortgages are now averaging about 3.23 percent.
Mortgage rates are being pressured upward by concerns about Federal Reserve actions, but the Fed has not yet eased its support of rates or the real estate market. It has said it will, eventually.
Until then, real estate pros here in the state are saying this is a good time for buyers. Prices have not jumped dramatically here and despite the rise in rates nationally, they remain relatively low historically.