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Top Mortgage News

Posted by: RateAPY Bank Rates News
April 30th, 2010

Tax Credits Are Ending

Today is the last day to sign purchase contracts before the end of the government’s tax credits. Contracts must be signed by April 30, 2010, and transactions must close by June 30, 2010, to qualify for up to $8,000.

Purchase Mortgage Applications Are Up

The end of the tax credits has caused an increase in mortgage loan applications. According to the Mortgage Bankers Association’s (MBA) most recent press release, purchase mortgage loan applications rose 10.1% the week of April 21, 2010, and another 7.4% the week of April 28, 2010. Purchase mortgage loan applications are now at their highest levels since October of 2009.

Mortgage Rates Hold Steady

The 30-year fixed conforming mortgage rate has held steady at about 5.06% with 0.7 points for the last three weeks. A year ago this time the 30-year fixed mortgage rate averaged 4.78%, showing a year-over-year increase. Check current mortgage rates now.