Mortgage Applications Drop 5.5 Percent
Mortgage Applications Drop 5.5 Percent
The Mortgage Banker Association reported Wednesday that applications for US mortgages waned last week after climbing sharply in the previous week. The group's seasonally adjusted index of mortgage application activity, which combines data for refinance loan requests and purchase loan applications, fell 5.0 percent in the week ended July 22nd. The decline also occurred as interest rates moved slightly higher.
The report showed a 5.5 percent dip in refinance activity, following a 23.1 percent surge in the previous week, while the measure of purchase loan requests fell 3.8 percent. The percentage of total applications accounted for by refinancing loans, meanwhile, fell to 69.6 percent from 70.1 percent the previous week.
Separately, mortgage giant Freddie Mac reported that the average rate for a 30-year, fixed-rate mortgage climbed from 4.54 percent two weeks ago to 4.57 percent last week.
The Mortgage Banker Association reported Wednesday that applications for US mortgages waned last week after climbing sharply in the previous week. The group's seasonally adjusted index of mortgage application activity, which combines data for refinance loan requests and purchase loan applications, fell 5.0 percent in the week ended July 22nd. The decline also occurred as interest rates moved slightly higher.
The report showed a 5.5 percent dip in refinance activity, following a 23.1 percent surge in the previous week, while the measure of purchase loan requests fell 3.8 percent. The percentage of total applications accounted for by refinancing loans, meanwhile, fell to 69.6 percent from 70.1 percent the previous week.
Separately, mortgage giant Freddie Mac reported that the average rate for a 30-year, fixed-rate mortgage climbed from 4.54 percent two weeks ago to 4.57 percent last week.
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