La Jolla Real Estate, Refinancing Slows, Mortgage Volumes Fall

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May 30, 2009

Refinancing Slows, Mortgage Volumes Fall
The Mortgage Bankers Association reported that last week, the volume of mortgage applications fell just over 14% down to seven-hundred eighty-six compared to nine-hundred fifteen point nine the previous week when calculated on an adjusted basis.

When reported on an adjusted basis, the index fell just over 13% from numbers of the previous week. When compared to 2008 figures, the index increased one percent.

Most rates for a mortgage increased slightly last week:

30 year fixed went up from 4.69% up to 4.81%
15 year fixed went unchanged at 4.44%
1 year adjustable rate mortgages went up from 6.38% up to 6.55%

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