US Mortgage Applications Dip
US Mortgage Applications Dip
The Mortgage Bankers Association reported Wednesday that requests for US home loans fell for the fourth consecutive week in the week ended July 8th, as demand waned for refinancing loans despite a drop in interest rates. The group's seasonally adjusted index of mortgage application activity, which includes data for both purchase and refinance loans, fell 5.1 percent last week.
The MBA's measure of refinance loan requests plunged 6.2 percent, while its index of purchase loan applications fell 2.6 percent. The percentage of overall applications accounted for by refinance activity, meanwhile, dipped from 66.4 percent the week prior to 65.6 percent. Separately, mortgage giant Freddie mac reported that the average rate for a 30 year fixed-rate mortgage for the week was 4.55 percent, down significantly from the prior week's average of 4.69 percent.
The Mortgage Bankers Association reported Wednesday that requests for US home loans fell for the fourth consecutive week in the week ended July 8th, as demand waned for refinancing loans despite a drop in interest rates. The group's seasonally adjusted index of mortgage application activity, which includes data for both purchase and refinance loans, fell 5.1 percent last week.
The MBA's measure of refinance loan requests plunged 6.2 percent, while its index of purchase loan applications fell 2.6 percent. The percentage of overall applications accounted for by refinance activity, meanwhile, dipped from 66.4 percent the week prior to 65.6 percent. Separately, mortgage giant Freddie mac reported that the average rate for a 30 year fixed-rate mortgage for the week was 4.55 percent, down significantly from the prior week's average of 4.69 percent.
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