Mortgage Applications Fell Last Week

From Realtor Magazine Online, Daily Real Estate News May 21, 2008

After rising for two weeks, mortgage applications fell 7.8% last week on a seasonally adjusted basis to 621.6 from 674.4 the previous week, according to the Mortgage Bankers Association weekly survey.

This week's unadjusted market index decreased 10.08% from last year's level and 7.8% from last week's.

This is the second lowest level of applications this year. The slowest pace was the week of April 25 when the index hit 567.

With mortgage rates headed upward, the refinance share of mortgage activity decreased to 48.2 % from 48.7% the previous week.

- 30-year fixed-rate mortgages increased to 5.9%t from 5.82%.
- 15-year fixed-rate mortgages increased to 5.42 percent from 5.38%.
- 1-year ARMs increased to 6.71 percent from 6.60%.

Source: Mortgage Bankers Association (05/21/2008)