From Daily Real Estate News, June 9, 2010
Applications for mortgages to purchase homes declined 5.7 percent last week compared to the previous week on an adjusted basis that takes into account Memorial Day, according to the Mortgage Bankers Association weekly survey.
On an unadjusted basis, the purchase index decreased 16.3 percent compared with the previous week and was down 30.4 percent from Memorial Day week last year. This is the fifth straight week mortgage applications have declined.
“Purchase applications are now 35 percent below their level of four weeks ago, as home buyers have not yet returned to the market following the expiration of the home buyer tax credit at the end of April,” says Michael Fratantoni, MBA’s vice president of research and economics.
Mortgage rates continue to be historically low:
* 30-year fixed-rate mortgages decreased to 4.81 percent from 4.83 percent;
* 15-year fixed-rate mortgages increased to 4.26 percent from 4.24 percent;
* 1-year ARMs decreased to 6.94 percent from 6.96 percent.
Source: Mortgage Bankers Association (06/09/2010)
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