Tag Archives: Refinancing

WSJ analysis: Minnesota has lowest mortgage denial rate

I wonder if this is the reason Minnesota ranked # 1 in the Nation for Mortgage Fraud?  20% still seems high to me for denial rate.  I would assume someone may not qualify for the best interest rates, but may be able to put into a higher rate mortgage instead rather than just simply denied.

This story is Edina Realty, just re-posting:

The majority of homebuyers who sought home loans in Minnesota last year were approved, according to analysis from the Wall Street Journal. In fact, the newspaper’s findings show the state had the lowest mortgage application denial rate in the country in 2010 for homebuyers seeking a new mortgage as well as homeowners trying to refinance an existing mortgage.


According to the research, which looked at data from the nation’s 10 largest mortgage lenders, Minnesota’s home loan application denial rate was 19.9 percent last year. The average rate for the entire nation was 26.8 percent – up markedly from 2009’s level of 23.5 percent.

Minnesota was the only state with a mortgage application denial rate lower than 20 percent, the Journal says.

Minnesota was the only state with a mortgage application denial rate lower than 20 percent, the Journal says. The mortgage application denial rate for Wisconsin and North Dakota was 23 percent and 21.1 percent, respectively – both lower than the national average.


In addition to the positive mortgage application acceptance rate in Minnesota, home loan interest rates have stayed near the same levels as at the beginning of 2011, making this year a premier time to purchase homes for sale in the state.

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Edina Realty Mortgage Rates: Sept 08, 2011


Image by Rev Dan Catt via Flickr

It is really hard to believe that rates are this low.  If you are sitting on the sidelines contemplating owning vs renting or refinancing…  start the process now – even if you don’t commit, at least get the answers.  Sit down with a mortgage banker and take advantage of these rates. 

I don’t know how long this will last, watch the 10 year Bond and watch the fluctuations.  The 10 year Bond is a good benchmark on where rates are going, the mortgage rates track closely but not tied directly to the 10 year Bond.  

 These are today’s rates from Edina Realty Mortgage:



30yr Fixed Conforming

Interest Rate




30yr Fixed FHA



15yr Fixed Conforming



7yr ARM Conforming






30yr Fixed Jumbo



Rates as of 9/8/2011 9:19 AM Central

Important disclosures, assumptions
and APR View/print

Get more rates »

Rates provided by: Edina Realty Mortgage

 To get more information on Edina Realty’s mortgage, rates, and pre-approvals – click here.  


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US Mortgage Purchase Applications at 15-Year Low

This is not surprising news, and I don’t find it too alarming at this point.  We have had a turbulent couple weeks in the stock market bring uncertainty to many households.   We are back to 1996 levels on mortgage applications.  What is surprising is that it is the complete opposite of record low interest rates….  which puts into perspective the extent of the uncertainty out there…

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.4 percent in the week ended Aug.19.

The seasonally adjusted gauge of loan requests for home purchases tumbled 5.7 percent to its lowest level since December 1996, the MBA said.

“This decline impacted borrowers across the board, with purchase applications for jumbo loans falling by more than 15 percent and purchase applications for the government housing programs falling by 8.2 percent.” The refinance share of mortgage activity increased to 79.8 percent of total applications from 78.8 percent the week before.

Fixed 30-year mortgage rates averaged 4.39 percent, up from 4.32 percent.

Full Story from CNBC

Calculated Risk is great at graphing this information.  Once again another great chart from Calculated Risk showing the mortgage applications:

Mortgage Applications Aug 24 2011 CalculatedRiskBlog

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30 Year Conventional Mortgage rate historical perpective

It seem like we always hear “near record low mortgage rates”, like another “Guitar Center blow out sale”.

This will help put things in a little perspective.  This was just updated 2011-08-11 4:31 PM CDT

30 Year Mortgage Rates 1976-05-07 to 2011-08-11

How much lower do you think they will go?

I am thinking now is a good time…

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