By Les Christie @CNNMoney January 18, 2012: 5:56 PM ETNEW YORK (CNNMoney) -- Mortgage loan applications surged 23% last week, according to the Mortgage Bankers Association, as record-low interest rates convinced many homeowners it was time to refinance into lower-cost loans. Refinancing activity climbed 26.4% during the week ending January 13, to its highest level since early August, the MBA reported. Meanwhile applications for new mortgages climbed 10.3% week-over-week. The heightened activity comes as mortgage rates test new bottoms. Last week, rates on both the 30-year and 15-year fixed loans fell to new records, at 3.89% and 3.16%, respectively, according to Freddie Mac. The vast majority of the applications -- 82.2% -- were to refinance existing loans rather than purchase new ones, the MBA said. The fact that purchase applications significantly lagged those for refinancings underscored a truism about low mortgage rates, said Doug Duncan, chief economist for Fannie Mae (FNMA, Fortune 500). "[Home] sales are a lot less interest-rate sensitive than people think," he said.
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March 25, 2012 is going to be another AMAZING day to see and listen to GREAT music in Rolando. Ambrosia, Lee Coulter, Steph Johnson, Cathryn Beeks and Len Rainey and the Midnight Players!!!
Every Sunday from 1PM - 5PM at the South end of Cedros Avenue you'll find the fabulous ... Cedros Avenue Farmer's Market!
