ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 03/20/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL – 03/20/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Signs that an economic recovery remains on track sent mortgage rates rebounding from record lows this week, but the cost of home loans isn’t expected to soar. Purchase loan applications have picked up lately, to about the same level as seen at the same time a year ago.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

Rates on 30-year fixed-rate mortgage averaged 3.92 percent with an average 0.8 point for the week ending March 15, Freddie Mac said in releasing the results of its Primary Mortgage Market Survey. That’s up from 3.88 percent last week but down from 4.76 percent a year ago. Rates on 30-year fixed-rate mortgages hit an all-time low in records dating to 1971 of 3.87 percent during the first three weeks of February.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

For 15-year fixed-rate loans, rates averaged 3.16 percent with an average 0.8 point, up from 3.13 percent last week — a low in records dating to 1991. one-year Treasury-indexed ARMs, rates averaged 2.79 percent with an average 0.6  Rates on one-year ARMs hit an all-time low in records dating to 1984 of 2.72 percent during the week ending March 1, 2012.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN BIRMINGHAM AL

In a Feb. 10 forecast, economists at Fannie Mae said they expect 30-year fixed-rate loans to hold steady at 4 percent this year before climbing gradually next year to an average of 4.2 percent by the fourth quarter of 2013. Looking back a week, a separate survey by the Mortgage Bankers Association showed demand for purchase loans picked up a seasonally adjusted 4.4 percent from the week before during the week ending March 9. Purchase loan demand was down 0.4 percent from the same time a year ago.

Purchase applications are now almost 12 percent above the level one month ago, even after adjusting for typical seasonal patterns, remaining unchanged since this time last year.

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