Applications to purchase homes increased 6.3 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, purchases rose 4 percent compared to the previous week, but were down 38.8 percent from the same week a year ago.The Refinance Index decreased 3.1 percent from the previous week.
"Purchase applications increased last week, reaching the highest level since the end of May. However, purchase activity remains well below levels seen prior to the expiration of the homebuyer tax credit, and is almost 40 percent below the level recorded one year ago," said Michael Fratantoni, MBA's vice president of research and economics.
Mortgage rates rose slightly last week:
- 30-year fixed-rate mortgages increased to 4.5 percent from 4.43 percent.
- 15-year fixed-rate mortgages increased to 4 percent from 3.88 percent.
- 1-year ARMs increased to 7 percent from 6.95 percent.
If you are interested in owning property on Maui - more specifically, Kihei or Wailea (areas I focus on) please contact me for a list of Maui's Best Buys!
Jeff Graves I Realtor®(S) I Coldwell Banker Island Properties
Coldwell Banker Island Properties
34 Wailea Gateway Place, A-207
Wailea, Maui, Hawaii 96753
Source: Mortgage Bankers Association (09/08/2010)