Mortgage applications among home buyers in the US have increased on the back of record low mortgage rates. However, there was a 1.2 percent slowdown last week in overall mortgage activity, according to the Mortgage Bankers Association (MBA).

The rise in mortgage activity for home purchases, however, is a healthy sign for the residential market, as consumers make every effort to take advantage of the second lowest mortgage rates in US history.

The average rate on a 30-year fixed rate loan remained flat at 4.23 percent for a week, an MBA survey revealed.

This was almost a steep quarter-point higher than the Freddie Mac average survey found offered to consumers last week (four percent).

“Purchase activity remains almost five percent below last year’s level,” said Michael Fratantoni, Vice-President of Research and Economics at the MBA.

“Overall, refinance activity dropped for the week, but there was an increase in refinance applications for government loan programmes.”For the latest property news,
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