Mortgage Rates Still Holding Range

Mortgage rates were mostly unchanged....AGAIN. I don't want to come across as upset about that in anyway. After a summer long battle with volatility it has been nice to work in a more stable environment. Lets just hope the recent range holds!
It appears that consumers are getting out there to buy a home before the $8,000 first time home buyer tax credit expires in November. The Mortgage Bankers’ Association this morning released the weekly mortgage applications index. This report measures the changes in mortgage applications at major lenders. Also included with this report is a measure of refinance activity. Higher refinance activity is another positive economic indicator as most people that refinance move to a lower interest rate and lower mortgage payment. Today's data shows that both purchase and refinance activity increased last week. If you are a first time home buyer looking to take advantage of the tax credit, I would suggest that you get out there and find a home. Many consumers will be trying to beat the deadline, and I suspect that volume at lenders will pick up as the deadline approaches which can slow down the process. If you close on December 1st, you do not get the credit so it will be extremely important that your application and processing go smoothly.
Call your loan professional and get them the required documentation as soon as possible even if you haven’t found a home yet. Time is of the essence.