Atlanta Mortgage Applications Rise

Following hot on the heels of last week’s fairly hefty fall in home mortgage rates, the Mortgage Bankers Association is reporting a massive jump of 8.8% in home loan applications last week.  This encouraging news is somewhat dampened by the corresponding news that half of new home loan applications in America during the course of the last week were refinance lending home loan applications.  Rather surprisingly, however, a full one quarter of the new home loan applications in the past week were made by American homeowners looking to refinance their home loans out of long term 30 and 15-year fixed rates mortgage rates and move over into 5-year adjustable rate mortgage.  Surprising because this trend is almost a 180 on what most industry analysts had been expecting following the past few months of falling mortgage interest rates, where most were expecting American homeowners to wait till the last minute before jumping ship and refinancing into long-term fixed rate mortgages.  Obviously the good olde American public knows something that many of our more experienced pundits don’t – and we ca only hope that is a prolonged drop in American home mortgage rates over the coming months.