In the first week of Jan 2012 new mortgage applications increased by 4.5% according to the Mortgage Bankers Association.This shows us the purchase index as over 40% higher then the same period last year.
With the low interest rates at the moment more people are making the move and taking out a mortgage to purchase their homes. People are also refinancing with an increase of 3.3% from the previous week.
According to Freddie Mac 30 Yr fixed-rate mortgages have averaged at historical lows of an average of 3.91%.
The 15-year, fixed-rate mortgage increased to 3.40% from 3.37%,
