Wednesday, June 4, 2008
NEW YORK - Mortgage application volume dropped by 7.8 percent during the week ending May 16, according to Mortgage Bankers Association's weekly application survey, the MBA's application index dropped to 621.6 from 674.4 the previous week as both refinance and purchase volume declined.
Refinance volume fell by 8.7 percent during the week, while purchase application volume dropped by 6.9 percent. Refinance applications accounted for 48.2 percent of all applications during the week, compared with 48.7 percent the previous week. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
The average rate for traditional, 30 year fixed-rate mortgages rose to 5.9 percent from 5.82 percent a week earlier. The average rate for 15 year fixed-rate mortgages, a popular option for refinancing a home, went up to 5.42 percent from 5.38 percent. Rates for a one-year adjustable-rate mortgage averaged 6.71 percent during the week, compared with 6.6 percent the previous week.
Refinance volume fell by 8.7 percent during the week, while purchase application volume dropped by 6.9 percent. Refinance applications accounted for 48.2 percent of all applications during the week, compared with 48.7 percent the previous week. The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom.
The average rate for traditional, 30 year fixed-rate mortgages rose to 5.9 percent from 5.82 percent a week earlier. The average rate for 15 year fixed-rate mortgages, a popular option for refinancing a home, went up to 5.42 percent from 5.38 percent. Rates for a one-year adjustable-rate mortgage averaged 6.71 percent during the week, compared with 6.6 percent the previous week.
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