Mortgage Applications Decline for 8th Week
Applications for mortgages to purchase property declined again last week, falling eight out of the last nine weeks, according to the Mortgage Bankers Association.
The purchase index decreased 2 percent last week compared with the previous week on an adjusted basis. The unadjusted purchase index declined 2.3 percent and was down 34.7 percent compared to the same week a year ago.
“For the month of June, purchase applications declined almost 15 percent relative to the prior month, and were down more than 30 percent compared to April, the last month in which buyers were eligible for the tax credit,” said Michael Fratantoni, MBA’s vice president of research and economics.
With mortgage rates at record lows, applications to refinance existing mortgages increased 9.2 percent from the previous week.
Mortgage rates were at near-record lows:
· 30-year fixed-rate mortgages increased to 4.68 percent from 4.67 percent;
· 15-year fixed-rate mortgages increased to 4.11 percent from 4.06 percent;
· 1-year ARMs increased to 7.20 percent from 7.05 percent.
Source: Mortgage Bankers Association (07/07/2010)
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