Mortgage Applications Slide for Fourth Week
Mortgage applications for purchases continued to decrease last week, declining 3.3 percent on a seasonally adjusted basis, compared to the previous week. This was the lowest number of purchase applications since April 1997, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the purchase index decreased 4 percent compared with the previous week and was down a cumulative 27.1 percent over the last month. It fell 27.5 percent, compared to the same week a year ago.
Refinance applications increased 17 percent compared to the previous week, the third consecutive weekly increase.
Mortgage rates were at the lowest 30-year fixed rate since November 2009. Here’s an across-the-board look at activity last week:
* 30-year fixed-rate mortgages decreased to 4.80 percent.
* 15-year fixed-rate mortgages increased to 4.25 percent from 4.19 percent.
* 1-year ARMs increased to 6.83 percent from 6.81 percent.
Source: Mortgage Bankers Association (05/26/2010)
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