Mortgage Applications Decline for the Week

From Realtor Magazine Online, Daily Real Estate News July 29, 2009

Mortgage applications fell 6.3 percent last week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.

The weekly index fell to 495.4 from 528.9 the previous week. On an unadjusted basis the index decreased 6 percent compared with the previous week, but it was up 16.1 percent compared with the same week a year ago.

Most of the decrease was the result of fewer refinancing applications; the refinance index decreased 10.9 percent. The purchase index remained flat compared to the previous week.

Mortgage rates changed only slightly compared to the previous week:

* 30-year fixed-rate mortgages increased to 5.36 percent from 5.31 percent;
* 15-year fixed-rate mortgages decreased to 4.75 percent from 4.80 percent;
* 1-year ARMs increased to 6.66 percent from 6.50 percent.

Source: Mortgage Bankers Association (0729/2009)