Mortgage Applications Spike
October 8th, 2009 categories: Buyer Resource, Mortgage Rates
The Mortgage Banker’s Association reported that mortgage applications jumped 16.4% this past week when compared to the week prior.
So why the big spike in mortgage applications? We think there are two reasons:
- 30 Year Mortgage Rates have yet again dipped below 5%. (15 Year Mortgage Rates were listed at 4.32% as of this afternoon…WOW)
- The First Time Homebuyer Tax Credit is set to end on November 30th, 2009. This means that you must CLOSE on a home before December 1st, 2009 in order to be eligible for the tax credit….so buyers know they must ACT NOW to find a home, get in contract, have inspections, have the loan approved, have the loan fund, and actually close the transaction.
Make sure you visit the Sonoma County Mortgage Rates section to find out more about prevailing Sonoma County mortgage interest rates.
As always we will keep you posted on Sonoma County Real Estate news.
