Mortgage applications decrease in the last week of May 2012
Posted on Monday, June 25, 2012 at 9:38:16 PM
Mortgage application volumes for the last week of May 2012 dropped 1.3 percent from the prior week, according to the Mortgage Bankers Association. Meanwhile, mortgage rates continued to drop to new record lows, and financing has never been so affordable.
The nation’s decreased home prices offer potential homeowners the opportunity to buy into neighborhoods that may have been previously unaffordable.
"Now is a good time to buy a house because interest rates are truly at all time lows. The vast inventory of for sale real estate requires a prospective seller to price their for sale real estate very competitively. Low rates and competitively priced real estate translates into great deals for home buyers. In fact, there are many examples where the price of homeownership is less than the cost of renting," said home financing expert Patrick Deady.
The current housing market makes buying a property especially affordable for those who were previously renting. As the average interest on 30-year fixed-rate mortgage continues to fall to historic lows, potential homeowners may want to consider purchasing a property in the near future to take advantage of affordable financing options.