Mortgage Applications fall says Mortgage Association
Written by JDPGlobal | Tuesday, 20 September 2005
According to the figures produced by an industry group, a fall in the applications for home mortgage was noticed. This is a continuous second week fall even though there was a decline in the interest rates in August.
The Mortgage Bankers Association has said that the index for the mortgage applications was changed. The applications include the purchasing and the refinancing of loans, which fell 4.5 per cent to 722.5.
The purchase index adjusted by the Association fell 3.6 per cent to 470.6. This added to the last week's loss of 2.2 per cent.
The refinancing loans index dropped 5.4 per cent to 2,187.8; more than the previous 1.2 per cent gain.
The Fixed mortgage rates which were 5.78 per cent last week fell to 5.73 per cent this week. However, This is a steady drop from 5.91 per cent since August 5th.
Fixed mortgage rates have not reached the highest mark of 6.08 per cent, which was achieved in March this year but is above the lowest mark of 5.47 per cent, which was in late June this year. Moreover it is higher that last year, when it was 5.75 per cent.
