↑ Grab this Headline Animator

Mortgage Applications Decline

According to the Mortgage Bankers Association Weekly Mortgage Applications survey, loan application volume has decreased for the week ending July 28.



The Market Composite Index saw a decrease of 1.2% on a seasonally adjusted basis, landing at 527.6. This is the lowest point for the index since May 2002.



On an unadjusted basis, the Index was down 1.4% when compared to the previous week. When compared to the same week last year, the Index was down 29%. This indicates that the housing market is indeed in the mist of a severe slowdown.



The seasonally-adjusted Purchase Index saw a decline of 3.3%, down to 376.2 from 389.0 the week earlier. This is the lowest point for purchases since November 2003.



However, the Refinance Index experienced an increase of 2.3%. The Government Index also saw an increase of 0.9% for the week.



The four week moving average for the Market Index is down 1.5%. The purchase index is down 2.3, while the Refinance Index is down 0.1%.



Refinancings accounting for 37% of all mortgage activities, up from 35.6% the week earlier. The ARM share of activity fell to 27.8% of total applications, down from 28.6%. This is the lowest share for ARMs since March 2004.



The average interest rate on a 30-year, fixed-rate mortgage fell to 6.62%, dwon from 6.69%. Points also decreased to 1.00 from 1.07 for 80% mortgages.



The average interest rate for a one-year ARM fell to 6.18%, down from 6.25%. Points decreased slightly, from 0.83% to 0.81% on 80% mortgages.



Overall, the market is slowing. Sales of new homes are down 11% in the past year, while existing home sales are down 8.9%. Housing starts have decreased 11% in the last year. The home builders sentiment index -- the report of builder confidence -- is down 41 points in the past year, to a low of 39.



About RateEmpire.com

RateEmpire.com an Internet consumer banking marketplace. RateEmpire.com is a destination site of personal finance, banking, investing, taxes, debt management and mortgage rates. RateEmpire.com provides mortgage guides and financial rates and information. RateEmpire.com also operates a financial portal #1 American Financial, found at http://www.1AmericanFinancial.com



Source: http://www.RateEmpire.com

↑ Grab this Headline Animator

---

This article has been robotically scanned and tagged by Prnewsnow with the following search tags. No human manipulation of these tags take place.
| Dvx200 | United States | image quality resolutions |

---

4945 readers online...

, Local News