Mortgage Bankers Association for the week of 6/1/2010
Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.55% its lowest average this year. The MBAA reports their Market Composite Index: ( Loan application volume) Decreased 4%.
Their Refinance Index: Decreased 5.7% from the previous week on further declines in the interest rate.
However, this isnt helping sell homes. Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their Purchase Index decreased 1.2% compared with the previous week
The recent Fed meeting indicates that lower rates will continue as the economic recovery is unremarkable. Thats Bernakes word for this...unremarkable
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