So, when you look at the Mortgage Banker’s of America’s (MBA) refinance index (looks at refinance activity on a month over month basis) and the the 30 year fixed rate mortgage interest rate that’s printed each week from the Freddie Mac Primary Mortgage Market Survey®… the following release of information from the MBA is not surprising.
The Refinance Index decreased 1.4 percent from the previous week. This is the fourth weekly decrease for the Refinance Index which reached its lowest level since June 2010.
December mortgage rates are currently hovering for a 30 year fixed mortgage at above 4.75% APR. Although mortgage rates haven’t risen very far – and are still below 5% – it takes lower and lower rates to get people to refi (at least lower than recent purchase rates).
With 30 year mortgage rates now about 0.75% above the lows in October, this is the end of the recent surge in refinance activity – unless rates drop sharply again. It also seems unlikey to “excite” any buyers out there looking for a bargain.
The Fed Stated Policy is for mortgage Interest rates to be LOW with the QEII policy… we’re waiting… and waiting… for that to happen. When and IF rates head lower – I’m hoping buyers realize this could be the last opportunity they get!
If you have questions about mortgage interest rates, and qualifying for a mortgage in NC, please call Steve and Eleanor Thorne, NC Mortgage Loan Experts 919-649-5058. We have the best mortgage rates available.