Mortgage Applications Keep Sliding
The number of applications for mortgages to purchase homes continued to decrease last week, down 3.3 percent compared to the previous week on an adjusted basis, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the purchase index declined 3.8 percent and was down 36 percent from the same week a year ago.
This was the seventh out of eight weeks purchase applications have declined, keeping the purchase index at 13-year lows.
Driven by financial market volatility, mortgage rates declined again last week with 15-year loans reaching a record low, according to Michael Fratantoni, MBA’s vice president of research and economics.
30-year fixed-rate mortgages decreased to 4.67 percent from 4.75 percent;
15-year fixed-rate mortgages decreased to 4.06 percent from 4.19 percent;
1-year ARMs were unchanged at 7.05 percent.
Source: Mortgage Bankers Association (06/30/2010)
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