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Personal finance  |  October 13, 2010 16:23:23

The demand for refinancing has increased significantly, interest rates dropped to new lows, MBA

Nationwide survey of American Banking Association (MBA) reflected in the week to Oct. 8 new lows long-term interest rates and a significant increase in demand for refinancing loans.

Seasonally adjusted composite indicator of activity rose by 14.6% and followed by a decline of 0.2% a week ago. This purchase index dropped 8.5% and left the five-month peak. A week ago, jumped by 9.3% even before the October entry into force of stricter standards for FHA. According to MBA declining interest rates on loans five weeks continuously to new lows. Indicator of applications to refinance into account low interest rates and jumped 21.0%, after having weakened by 2.5% a week ago.Number of applications for refinancing is still near the highest levels this year. The share of refinancing to the total number of applications rose by 4.2% to 83.1%,

The average interest rate of 30-year fixed-rate mortgages fell by 4 basis points to 4.21%, interest rate 15-year mortgage by 11 basis points to 3.62%. Both rates are the lowest levels in history monitoring since 1990. Annual interest rate mortgage with a variable interest rate fell from 7.11% to 7.03%. ARM share of the total number of applications decreased by 0.7% to 5.4%. MBA survey covers about half of all credit applications in the U.S.. The level of 100 corresponds to 1990.

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Poptávka po refinancování výrazně vzrostla, úrokové sazby sklouzly na nová minima, MBA

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