 |
 |
Home loan application volume drops second consecutive week
 E-mail Friend
 Printer Friendly
June 3, 2005 WASHINGTON --
According to the
Mortgage Bankers
Association's weekly index, applications for home loans declined for the
second consecutive week. The report clearly reflects fewer
home purchase loan
originations as well as a decline in refinancing.
The MBA's overall index of
mortgage applications declined 1.1 percent to 778.4 for the week ending June
24. By way of comparison, however, it should be noted that the applicant index
is up 35 percent from the same week one year prior.
Last week the average for
30-year fixed-rate home loans dropped to 5.47 from 5.63 percent the previous
week. One year ago the tally landed it at 6.21 percent.
With rates lower recently, fewer applicants are indicating interest in
adjustable-rate mortgages, or ARMs. The index for last week shows that the
share of applications for ARM loans fell to 30 percent from 30.7 percent the
previous week.
As far as
refinancing is
concerned, the market took a ding with their share dropping to 45.4 percent of
total applications from 45.6 percent the previous week. - Article by
Stockton Marquette for CMR Home Loan original news.
|
 |
|
|
|
|
