Mortgage Applications Plummet
Mortgage Applications Plummet
The Mortgage Bankers Association released data on US home mortgage applications on Wednesday, indicating the slowest week of activity in over a year. The group's seasonally adjusted index of loan application activity fell 12.9 percent for the week ending January 21st.
The drop was largely driven by a drop in refinance loans, and the MBA's refinance index, also seasonally adjusted, fell 15.3 percent to its lowest level since January 2010. Refinancing activity has been in a steep decline since October as rising interest rates have discouraged some homeowners and strict lending standards have limited opportunities for others.
The group's index of purchase loans also fell during the week, by 8.7 percent.
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The Mortgage Bankers Association released data on US home mortgage applications on Wednesday, indicating the slowest week of activity in over a year. The group's seasonally adjusted index of loan application activity fell 12.9 percent for the week ending January 21st.
The drop was largely driven by a drop in refinance loans, and the MBA's refinance index, also seasonally adjusted, fell 15.3 percent to its lowest level since January 2010. Refinancing activity has been in a steep decline since October as rising interest rates have discouraged some homeowners and strict lending standards have limited opportunities for others.
The group's index of purchase loans also fell during the week, by 8.7 percent.
Search Colorado Springs Homes
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