Mortgage Applications, Refinancing Rates Decrease; Interest Rate Relief on the Way?

Based on the Mortgage Bankers Association report just released, home loan application volume decreased 6.0 percent last week. Refinancing also eased 4.3 percent from the previous seven days.

Bob Walters, chief economist at Quicken Loans, explained that Florida home loan rates were unsettled in the current market.

“Interest rates are being pulled in opposite directions by the market, but have settled into a range that is still highly conducive to consumers looking to purchase or refinance,” he said.

Walters also stated that relief from interet rate increases should be coming soon. So far, the trend of the 2006 housing market has been for rates to continually rise. Most experts, however, believe that they won’t ever top 7%. Hopefully, they will actively dwindle down and affordable Florida home loans will open up.