US Mortgage Applications Down

Updated on 6/29/2011

 

The amount of United States mortgage applications decreased for the second week in a row, falling 2.7% as consumers avoided purchasing both new homes and refinancing options.

The refinance index from the Mortgage bankers association, which is a measure of refinancing activity, dropped 2.6% over the past week. Meanwhile, the purchase index fell 3%. In contrast, the four week moving averages for both the seasonally adjusted market index and the refinance index increased 0.7% and 1.5%.

The four-week average for the purchase index was down by 1.5%.

In spite of a reported decrease in the refinance index, refinancing applications still comprise 69.5% of all mortgage activity.

Mortgage rates also dropped to their lowest point in 7 months, with a 30 year, fixed rate mortgage down to 4.46% from 4.57%.

The typical rate for the 15-year, FRM is also down, from 3.70% to 3.64%.