After Market-Moving Week, Move To Fixed Rate Mortgages Intensifies

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Mortgage Applications for the week ending Feb. 3 decreased 1.2 percent over the previous week, according to today's survey results reported by the Mortgage Bankers Association. Purchase applications fell 2.4 percent from a week prior. However, the Refinance Index had a slight increase of 0.2 percent."Last week was chock full of potentially market moving data. We had big economic reports, Alan Greenspan's final Fed meeting, a State of the Union Address and heightened global tensions. Despite the tidal wave of new information, long-term rates stayed fairly steady," said Bob Walters, Quicken Loans chief economist. "News from the Fed that they may continue raising short-term rates surprised the market, causing short-term rates to exceed long-term rates. The trend of homeowners to exit adjustable rate mortgages into the safety of fixed rates has intensified; those homeowners realize that when those ARMs adjust, they will adjust to rates higher than today's current 30-year fixed rate."  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 About Us | Careers | Contact Us | Feedback | Site Map | Help | Search Security and Privacy | Disclosures and Licenses | Terms of Use © 2000 - 2006 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. Partner sites: Rock Financial | Title Source | Home Loan Benefit Program Real Estate Insiders | Camelot Ventures | Quicken Loans Arena | Cavs.com Build 3328 2006-02-08 17:07:24

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