From Realtor Magazine Online, Daily Real Estate News January 28, 2009
Mortgage applications were down last week.
Loan rates that fell less than the Federal Reserve had hoped kept borrowers away. And the difficulty in getting approvals for those with iffy credit scores and small down payments also apparently had an impact.
The Martin Luther King Jr. holiday and miserable weather in many parts of the country also might have discouraged applications.
On an adjusted basis and factoring in the holiday, applications fell 38.8 percent from 1,195.3 the previous week to 732.1 last week, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the index decreased 46.5 percent compared to the previous week and 40.4 compared to last year.
The refinance share of mortgage activity decreased to 72.8 percent of total applications from 83.3 the previous week.
Mortgage rates were down:
* 30-year fixed-rate mortgages decreased to 5.22 percent from 5.24 percent
* 15-year fixed-rate mortgages decreased to 4.98 percent from 4.99 percent
* 1-year ARMs increased to 5.96 percent from 5.89 percent
Source: Mortgage Bankers Association (01/28/2009)
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