By Eric McWhinnie | More Articles
July 24, 2013
The real estate market is taking a breather from the recent rise in interest rates, but mortgage applications continue to decline.
According to the Mortgage Bankers Association’s latest report for the week ended July 19, loan application volume dropped 1.2 percent on a seasonally adjusted basis from one week earlier. That’s the tenth weekly decline in only 11 weeks, and comes after a 2.6 percent decline in the previous week. The figures include both refinancing and home purchase demand, and cover more than 75 percent of all domestic retail residential mortgage applications.
The industry group’s refinance index fell 1 percent to reach its lowest level since July 2011, while the unadjusted purchase index declined 2 percent. Overall, the refinance share of mortgage activity accounted for 63 percent of total applications, which is unchanged from the previous week, and its lowest level since April 2011.
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July 24, 2013
The real estate market is taking a breather from the recent rise in interest rates, but mortgage applications continue to decline.
According to the Mortgage Bankers Association’s latest report for the week ended July 19, loan application volume dropped 1.2 percent on a seasonally adjusted basis from one week earlier. That’s the tenth weekly decline in only 11 weeks, and comes after a 2.6 percent decline in the previous week. The figures include both refinancing and home purchase demand, and cover more than 75 percent of all domestic retail residential mortgage applications.
The industry group’s refinance index fell 1 percent to reach its lowest level since July 2011, while the unadjusted purchase index declined 2 percent. Overall, the refinance share of mortgage activity accounted for 63 percent of total applications, which is unchanged from the previous week, and its lowest level since April 2011.
CLICK HERE FOR COMPLETE ARTICLE <-----------==============
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