Demand for New Mortgages is on the Rise

During the past two weeks demand for new mortgages has risen with buyers who need purchase money and homeowners who are refinancing.

During the week ending May 7, the Mortgage Bankers Association (MBA) reported that its index of mortgage refinance applications increased nearly 15 percent compared to the previous week, with the index of purchase applications decreasing 9.5 percent.

During the week ending April 30, the MBA reported that its index of refinance applications decreased 21 percent while the index of purchase applications increased 13 percent by a week-to-week comparison. That was the highest increase in purchase applications since early October 2009.

These wild swings are likely because of the federal home buyer tax credit, which ended April 30. Since the pressure is off to make the tax credit deadline, loan applications have become heavy on refinancing.

Interest rates always affect the volume of loans. The rate for 30-year fixed-rate mortgages decreased to 5.02 percent compared to 5.08 percent in the previous week.

To find out what is going on in Hoboken real estate market, please go to Hoboken Homes.

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at mailto:eddie@InvestHoboken.comor 201-344-2886.

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