Mortgage Applications Tumble as Refinancing Demand Sags

Wednesday, 31 Aug 2011 12:36 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Applications for U.S. home mortgages tumbled last week as demand for refinancing sagged for the second week in a row, an industry group said Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, dropped 9.6 percent in the week ended Aug 26.

The MBA's seasonally adjusted index of refinancing applications slumped 12.2 percent, while the gauge of loan requests for home purchases edged up 0.9 percent after setting a 15-year low set the week before.

"Refinance application volume declined for a second week from recent highs, despite rates staying near a 10-month low, while purchase volume remained near 15-year lows," Mike Fratantoni, MBA's vice president of research and economics, said in a statement.

The refinance share of mortgage activity decreased to 77.8 percent of total applications from 79.8 percent.

Fixed 30-year mortgage rates averaged 4.32 percent, down from 4.39 percent the week before.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  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:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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