Wednesday, May 19, 2004

Where Are Rates Headed? This Way!

Interest rates steady move in the upward position has slowed over the past several days. Meanwhile mortgage applications to purchase fell 8.1 percent and refi applications dropped by almost 17 percent from the previous week, accounting for only 37 percent of all mortgage applications.

Where were rates one year ago? 5.125 percent and heading lower. Refis made up 76 percent of applications.

Todays Rising yields did not move high enough to influence mortgage lenders to raise rates to the next level on most products. Upcoming economic reports showing weakness could impact rates for a slight dip otherwise rates should remain steady.