US Mortgage Activity Drops
US Mortgage Activity Drops
The Mortgage Bankers Association reported Wednesday that applications for US home loans fell last week, with refinancing activity declining even though interest rates dipped. The group's seasonally adjusted index of mortgage application activity fell 6.5 percent for the week, which ended February 25th.
The group stipulated that no adjustments were made for the Presidents Day holiday, however. The MBA's index of refinance applications, also adjusted for seasonal variances, fell 6.5 percent, while the gauge for home purchase applications dropped 6.1 percent.
The average rate for a 30 year, fixed-rate mortgage, meanwhile, dropped from 5 percent the prior week to 4.84 percent for the week ended February 25th.
Mortgage Rates Drop - March 3rd, 2011
The Mortgage Bankers Association reported Wednesday that applications for US home loans fell last week, with refinancing activity declining even though interest rates dipped. The group's seasonally adjusted index of mortgage application activity fell 6.5 percent for the week, which ended February 25th.
The group stipulated that no adjustments were made for the Presidents Day holiday, however. The MBA's index of refinance applications, also adjusted for seasonal variances, fell 6.5 percent, while the gauge for home purchase applications dropped 6.1 percent.
The average rate for a 30 year, fixed-rate mortgage, meanwhile, dropped from 5 percent the prior week to 4.84 percent for the week ended February 25th.
Mortgage Rates Drop - March 3rd, 2011
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