Demand for Home Purchase Loans Hits 15-Year Low
Demand for Home Purchase Loans Hits 15-Year
Low
The Mortgage Bankers Association reported Wednesday that requests for home purchase loans in the US fell to their lowest level in 15 years last week as renewed fears of a double dip recession kept buyers from taking the plunge. The group's seasonally adjusted index of mortgage applications, which includes demand for purchase loans as well as refinancing demand, fell 2.4 percent in the week ended August 19th.
The group's index of requests for home purchase loans, also adjusted for seasonal factors, fell 5.7 percent to its lowest level since December 1996, while refinancing demand also fell, dipping 1.7 percent despite historically low interest rates. Analysts attribute the sharp decline to fear sparked by the volatility in global stock markets and the almost daily reports of developments in the ongoing European debt crisis.
The decline was felt in all parts of the housing market, with demand for jumbo purchase loans dropping some 15 percent and requests for loans guaranteed by government programs down more than 8 percent. The percentage of total applications accounted for by refinancing, meanwhile, increased to 79.8 percent from 78.8 percent the week before. The average rate for a 30-year, fixed-rate mortgage, crept up slightly, to 4.39 percent from 4.32 percent the week before.
The Mortgage Bankers Association reported Wednesday that requests for home purchase loans in the US fell to their lowest level in 15 years last week as renewed fears of a double dip recession kept buyers from taking the plunge. The group's seasonally adjusted index of mortgage applications, which includes demand for purchase loans as well as refinancing demand, fell 2.4 percent in the week ended August 19th.
The group's index of requests for home purchase loans, also adjusted for seasonal factors, fell 5.7 percent to its lowest level since December 1996, while refinancing demand also fell, dipping 1.7 percent despite historically low interest rates. Analysts attribute the sharp decline to fear sparked by the volatility in global stock markets and the almost daily reports of developments in the ongoing European debt crisis.
The decline was felt in all parts of the housing market, with demand for jumbo purchase loans dropping some 15 percent and requests for loans guaranteed by government programs down more than 8 percent. The percentage of total applications accounted for by refinancing, meanwhile, increased to 79.8 percent from 78.8 percent the week before. The average rate for a 30-year, fixed-rate mortgage, crept up slightly, to 4.39 percent from 4.32 percent the week before.
Comments
Top Stories
Latest DT's
-
1 month ago by Geno -
1 month ago by dallaseste
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
1 month ago by Geno
-
2 months ago by dallaseste
Top Authors
Subscribe
Games
Alias
3 Foot Ninja 2
ALIAS 2
Air Dodge
Battle Tanks
Bomber Bob
Cable Capers
Gem Mania
Hacker
Hostile Skies
Mission Mars
Bowling
Samurai Warrior
The Pharoh's Tomb
Monkey Lander
Muay Thai
Action
Donkey Kong Banana Barrage
501 Dart Challenge
Rooftop Skater
Zelda
Donkey Kong
Xtreme Pinball
Tetris
Connect 4
Battleships
Frogger
Penguin Push
Online Video Poker
Spank The Monkey
Mob Pay Back
Dealer
Yeti Sports Seal Bounce
Hold Your Drink Steady
Solitaire
Canyon Glider
3D Sudoku
Metal Slug Rampage
Street Fighter II
Flashman
Disc Golf
Table Tennis
Ninja Air Combat
Celebrity Hitman Terrorist Alert
Spider Solitaire
Tubin
Presidential Knockout
Global Player
Ma Balls
Baseball
Beckham Fit
0 Comments
Click here to sign up now.