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 June 04, 2009

Mortgage Applications See Drop Last Week
The volume of applications for a mortgage fell sixteen point two percent last week. The Mortgage Bankers Association's Index fell to six fifty-eight point seven, down from seven eighty six. Last week, mortgage rates reached their highest point in seven months.
Last week's index numbers were adjusted taking into account the Memorial Day holiday. When reported on an adjusted basis, the MBA's index fell thirty-two and one half percent over the previous week. Over last year, the index was down fourteen point four percent.

The reason overall volume was down is due to a decline in applications for loan refinancing. The purchase index rating climbed four point three percent over the prior week.

Mortgage rates across the board increased last week:

30 yr. fixed rate mortgages increased from 4.81% up to 5.25%
15 yr. fixed rate mortgages increased from 4.44% up to 4.8%
1 yr. adjustable rate mortgages increased from 6.55% up to 6.61%