FHA Home Loan Submissions and Refinance Applications Increase
ByIn the last week we saw a significant rise in borrowers seeking FHA refinance and new home buying opportunities with government insured loans. FHA announced a few weeks ago that once again they would be raising insurance premiums on all new FHA loans.
The MBA home refinance index increased 2.7% during the week ending April 15, possibly due to a decline in rates last Friday when the rate-indicative benchmark 10-year Treasury bond yield fell to levels closer to 3.4% from levels around 3.5%. While mortgage refinance rate averages were up week-to-week during the week ending April 15, the four week moving average for the refinancing index was down 5.7% and the market-share of refinance activity dropped to 58.5% from 60.3%, marking the lowest share for home refinancing seen since May 7, 2010. The adjustable-rate home loan share was up slightly during the week ending April 15, at 6.5% compared to 5.9%. Read the original article > FHA Mortgage Refinance Applications Surge
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