According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell to their lowest level in more than three years last week. And, in the case of jumbo loans, rates fell to lows not seen since 2011. Michael Fratantoni, MBA's chief economist, told CNBC that financial market volatility is behind the rate drop. “Mortgage rates have been low for years, but the impact of Brexit has brought us close to record lows once again, with jumbo rates already at their lowest levels, giving more borrowers a larger incentive to refinance,” Fratantoni said in reference to Britain's exit from the European Union. In fact, refinance activity – which is more sensitive to rate fluctuations – surged last week, climbing 21 percent from the week before. With rates down across all loan categories, including FHA loans and 15-year fixed-rate mortgages, that's no surprise. Purchase activity also benefited from falling mortgage rates. The seasonally adjusted purchase index was up 4 percent and is now 23 percent higher than the same week one year ago. This has been good news in the Emerald Isle, NC area. This area is right on the coast and is seeing lots of activity since the rates have been so low. Now might be the best time to start looking a home in this area. There are many beautiful homes in Emerald Isle and with a housing market like this one, now could be the time to get your dream home. To see some of the beautiful homes in Emerald Isle go to: http://www.emerald-isle-real-estate.com/ The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.
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