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Mortgage application volume drops 1.6%
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WASHINGTON, D.C. -- The Mortgage Bankers Association's index
of mortgage applications for the second week of April indicates there was a 1.6
percent decline. The trend is based on Americans who intended to buy homes or
refinance existing loans.
The index of mortgage applications dropped 1.6 percent to 672.6 in the week
ending April 15 from 683.6.
This year home prices are expected to swell as
average mortgage rates are slated
to increase gradually. Forecasting on an official level by The National
Association of Realtors and Freddie Mac, indicate slower home sales this year.
This will follow a record-setting 2004.
Contrasting last year's aggressive volume, new home construction nationally fell
once again in March by 17.6 percent. This survey shows that in March the new
construction market saw its biggest drop since January of 1991.
In the past 12 months, the average profiling of a person refinancing their
mortgage has changed somewhat. One year ago it was clear that the market of
refinancing homeowners was primarily homeowners wanting to reduce their
mortgages. This year, it seems most who are trying to refinance need cash money.
Reasons for cash likely include (predominately) home repairs, money to cover
costs for college or to consolidate revolving debt.
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