Mortgage Applications Rise for Third Week
A: According to the Mortgage Bankers Association, mortgage applications are up for the third week in a row as a decline in long-term rates to a 3 1/2 month low fuels rise in interest; Story.
The report included that 30 YR fixed mortgages, excluding fees, averaged about 6.04%, down 0.03% from the previous week.
When I do a Bankrate.com query to find 30 YR Fixed Mortgages in the New York Metro area, the system tells me that the lowest offered rate is 5.84%; with an average of 0.62 discount and origination points. THAT IS LOW! Here are The Results of this search.
According to Steve Maasbach of Manhattan Mortgage Company, "...I have personally seen applications in my office double over the last three weeks. Business is certainly picking up..."
You heard it here folks from the front lines. With the recently posted OH Activity Report and now these comments from the lending side, it looks like New York City housing is definitely starting to pickup. However, the extent and depth of the pickup is not known at this point, so I'll be sure to analyze what sectors of the overall housing market in NYC is picking up the most.
~ Steve Maasbach, Manhattan Mortgage.com
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