Low Long-Term Rates Continue To Spur Refinancing

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The Mortgage Bankers Association (MBA) reported today that mortgage loan application volume decreased 1.8 percent in a holiday shortened week ending November 25. That figure was adjusted however to account for Thanksgiving.According to the MBA's Weekly Mortgage Applications Survey, the seasonally-adjusted Purchase Index increased by 0.8 percent and the Refinance Index decreased by 6.3 percent."Long-term interest rates have dropped down significantly from early November levels. Homeowners are taking advantage of the rally by locking in still historically low long-term mortgage rates," says Bob Walters, Chief Economist of Quicken Loans, the nation's largest online lender. "Short-term rates are now equal to long term rates, and, unless the yield curve inverts and long-term rates fall below short-term rates, it is unlikely that long-term rates have much room to fall." Quicken Loans, based in Livonia, MI, will close $17 billion in volume in calendar year 2005.  Mortgage News Home Current Headlines Next Article  Refinancing | Home Loans | Home Equity Loans | My Quicken Loans Login Mortgage News | Mortgage Rates | Mortgage Calculators | Apply Online Careers | Contact Us | Feedback | Site Map | Help | Search Security and Privacy | Disclosures and Licenses | Terms of Use © 2000 - 2005 Quicken Loans Inc., All rights reserved. Lending services provided by Quicken Loans Inc., a subsidiary of Rock Holdings Inc. “Quicken Loans” is a registered service mark of Intuit Inc., used under license. Build 2939 2005-11-30 15:36:56

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