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Friday Nov 21st 2008

Fed Raises Rates, Spurs Refinance Activity
Mortgage applications for refinances and purchases increased, likely due to the Federal Reserve raising rates last week for the 15th time in a row. Homeowners with adjustable rate mortgages that will soon adjust are encouraged to seek long-term fixed-rate mortgages to avoid significantly higher rates.

Mortgage loan application volume rose for the second consecutive week, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending March 31, the Market Composite Index showed applications overall increased 7.2 percent on a seasonally adjusted basis from the previous week.
Both the Purchase Index and the Refinance Index rose from the previous week, with purchases up 8.4 percent and refinances increased 5.3 percent.
"Refinancing is likely to increase, with the Fed raising Fed Funds Rate again last week," said Bob Walters, chief economist of Quicken Loans, the nation's largest online lender. "There are about $2.2 trillion in adjustable rate mortgages that need to be refinanced as short-term rates continue to rise. By far the most significant source of refinance activity is homeowners looking to exit adjustable rate mortgages before those loans adjust to significantly higher rates. As long as long-term rates remain low and the unemployment rate holds steady, the housing market will remain strong."

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