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U.S. Mortgage Applications Surge 112% on Lower Borrowing Costs
Wednesday, 03 December 2008 11:28:01 GMT
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U.S. mortgage applications surged 112.1% to 857.7 from 404.4 in the week ending November 21st as the Fed increased their efforts to stabilize the credit market. Last week, the central bank announced that that they will purchase up to $500B in mortgage-backed securities, and will also buy $100B of debt from Fannie and Freddie. The comments by policymakers helped to lower the average 30-Year Fixed Rate to 5.47 from 5.99, while refinancing jumped to 69.1% from 49.3%.
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