Mortgage Applications Fall Again as Rates Rise: MBA

Wednesday, 20 Mar 2013 09:56 AM

 

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
Applications for U.S. home mortgages tumbled for a second week in a row last week as interest rates continued to climb to seven-month highs, data from an industry group showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 7.1 percent in the week ended March 15.

The index of refinancing applications dropped 8 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, slipped 3.9 percent.

The refinance share of total mortgage activity fell to 75 percent of applications from 76 percent the week before.

Fixed 30-year mortgage rates averaged 3.82 percent, up 1 basis point. It was the highest level since last August, shortly before the Federal Reserve launched its latest stimulus program of buying mortgage-backed securities.

The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved