home affordability: Mortgage Applications Slow While Home Sales Rise
- 08/22/12 04:54 AM
Slight increases in mortgage rates in recent weeks have led to a drop in refinancing activity. The Mortgage Bankers Association reported in its weekly survey that for the week ending August 17th, 2012 mortgage applications were down 7.4 percent when compared to the previous week. The decrease is largely due to fewer homeowners refinancing existing mortgage loans. Purchase mortgage activity was less affected by the small rise in interest rates, and the seasonally adjusted Purchase Index (which measures the volume of loan applications) dropped only 0.9 percent from the week before, compared to an 8 percent drop in the Refinance Index. … (0 comments)
Slight increases in mortgage rates in recent weeks have led to a drop in refinancing activity. The Mortgage Bankers Association reported in its weekly survey that for the week ending August 17th, 2012 mortgage applications were down 7.4 percent when compared to the previous week. The decrease is largely due to fewer homeowners refinancing existing mortgage loans.
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