Mortgage Applications Rise 5% in One Week!

I wasn’t imagining it…. the Marin real estate market is heating up with buyers wanting to take advantage of low interest rates while they’re there.  This in the news:   The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending January 14, 2011.  The Market Composite Index, a measure of mortgage loan application volume, increased 5.0 percent on a seasonally adjusted basis from one week earlier.    Sellers who are in the process of getting their homes ready for market should do everything they can to create a ‘picture perfect’ home selling scenario as soon as possible.

Mortgage Rate Bottom?

Marin buyers who were waiting for bottoms may have seen one low point pass in the last few weeks: mortgage rates…..

http://www.nytimes.com/2010/12/26/realestate/26mort.html?_r=1&ref=interestrates

The good news is the rates are still lower than they were earlier in the year, and, of course, many points lower than they have been in the past.  

Buyers who are waiting for the bottom of the prices will know only when that milestone has passed, as well….and unfortunately those who need mortgages may be paying the different with a higher monthly payment.