Lee Richardson

The Mortgage Blog of Lee Richardson

Interest Rates Drop Again, So Does Demand

According to The Mortgage Bankers Association’s Weekly Applications Survey, purchase and refinance applications both dropped last week, even after adjustments made for the Memorial Day holiday. The Refinance Index fell 14.3 percent, while purchase demand was down 5.7 percent. Still, the average contract interest rate for a 30-year fixed-rate mortgage was 4.81 percent, down from 4.83 percent the week before. Michael Frantantoni, MBA’s vice president of research and economics, said that buyers have yet to return to the market following the expiration of the tax credit and believes the number of homeowners that have already refinanced or remain underwater on their mortgages helps explain the drop in refinance activity despite historically low rates. More here and here.

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About Me:

Lee Richardson is a senior mortgage advisor with Eagle Nationwide Mortgage Company in North Royalton, OH. Lee has six years in the industry and offers great rates and a wide variety of mortgage loan programs to fit his clients' financial needs.

Contact:

Lee Richardson
Senior Mortgage Advisor
Eagle Nationwide Mortgage Company
5740 Royalwood
North Royalton, OH 44133
Phone: 440-582-3200, ext. #16
Toll Free: 800-705-5740
Fax: 440-582-4501
Email: lee.richardson@enmcdirect.com
Website: www.enmcdirect.com

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