The Mortgage Bankers Association reported Weekly Mortgage Applications this morning. As expected media attention surrounding the Obama Administration's plan to save housing and lower mortgage rates helped to increase borrower's interest in lowering their mortgage payment.
For the week ending March 13 the overall applications market index was up 21.2% to 876.9. Refinance applications were up 29.6% as the MBAA reported the average mortgage rate on a 30 yr loan dropped from 4.96% to 4.89%. Purchase applications were up 1.5%.
Borrowers: If you are waiting around for lower mortgage rates.....4.89% is a record low for this survey.
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