Home Finance Application Volume Dips

June 29, 2005 WASHINGTON -- Home loan interest rates have been teetering on 14-month lows steadfastly as of late. Nonetheless, overall mortgage application volume nationally dropped a smidgen in the week ending June 24 according to industry analytics leader, the Mortgage Bankers Association.

The MBA's weekly application volume index for mortgage originations showed a 1.1 decrease last week. Not the space shuttle as far as numbers are concerned, but it leaves us asking questions nonetheless.

Applications for home purchase loans throughout the U.S. lessened by 0.4 percent. Overall applicants for refinance and equity-based mortgages fell by 1.8 percent.

According to the MBA, the moving average of mortgage volume is off 0.2 percent for a four-week time span. Over the period, calculations show purchase applications are down by 0.4 percent and refinances upward slightly to 0.1 percent.

Refinance mortgage volume last week claimed 45.4 percent of total applications, down a bit from the previous week's 45.6 percent. ARM loan applications (adjustable-rate mortgages) took a 30.0 percent share of total applications versus 30.7 percent the prior period.

National interest rate averages for 30-year fixed interest and 15-year fixed-rate mortgages dropped to 5.47 percent and 5.06 percent, respectively, when compared to 5.63 percent and 5.24 percent in the week before. - Article by Guy Weiss for CMR Original Syndicated News.

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