Mortgage Application Numbers Increase in April

Applications for mortgages for Boston real estate and real estate nationwide increased at the end of April, partially fueled by refinancing demands as a result of falling interest rates—as reported by an industry group. The seasonally adjusted index of mortgage application activity for the Mortgage Bankers Association is said to have risen 4% in the last week of April. This includes both refinancing and purchasing demands for  real estate nationwide. At the same time, the MBA’s seasonally adjusted index for applications for refinancing climbed 6%. The portion of the mortgage activity accounted for by refinances rose to 62.7%. This was an increase from the prior week during which refinance activity accounted for 61.6%—as reported by MBA. 30-year fixed mortgage rates averaged 4.76% that same week. This was lower than the rates from the week before, which averaged 4.8%. It seems as though people are becoming more and more interested in buying, though it is clear that those that already own are pursuing refinancing in greater numbers than those who wish to buy. With mortgage rates low and continuing to decrease, are you considering buying now? If you are interested in purchasing Boston real estate, contact High Rise Boston to discuss your housing needs.