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Drop in Long-Term Interest Rates Support Increase in Home Sales

Posted at February 25th, 2006 4:39 pm by mrichenthal
Filed under: Home Sales

Looking for a Florida home loan? This may be an ideal time to apply.

For the week ending Feb. 17, mortgage applications increased 0.8 percent over the previous week, according to survey results reported by the Mortgage Banker Association. Purchase applications rose 4.3 percent from a week prior but the Refinance Index fell by 4.0 percent.

“Long-term rates dropped a little last week, which continues to support home sales,” said Bob Walters, chief economist for Quicken Loans.

Walters also pointed to the Fed’s intention to continue increasing short-term interest rates. He stated that the “smart money” would be for those involved with adjustable Florida home loans to refinance to longer mortgages.

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One Response to “Drop in Long-Term Interest Rates Support Increase in Home Sales”

  1. In Florida and Across the Nation, Decreasing Sales Not Reining In High Home Prices - Florida Home Loan Says:
    May 25th, 2007 at 4:16 pm

    […] benchmark) was 6.15 percent in January, down from 6.27 percent in December. Nationally, the average mortgage rates are currently 6.33 percent, however, and the rate was just 5.77 percent in January […]

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