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Mortgage Applications Rebound

Mortgage applications rebounded last week from a four-year low seen the week before, according to the Mortgage Bankers Association on Wednesday.



Mortgage applications increased 4.9% for the week ending August 4 on a week-to-week basis.



Mortgage applications remain down 24.9% for the year, reflecting a slowdown in the housing market.



Toll Brothers Inc. announced that the value of signed contracts fell 45% in the third quarter of 2006 -- a further sign of market weakness.



Applications for purchase loans increased by 3.4% for the week. The total volume of refinancing applications increased by 7.1%.



The refinancing share of total loan applications rose to 38%. Adjustable rate loans fell to 27.6% of total loan applications. This is the lowest level for ARMs since March 2004.



Mortgage rates also decreased. The average rate for a 30-year fixed-rate loan fell to 6.45%, down from 6.62%. The 15-year fixed-rate averaged 6.10%, down from 6.28%. The one-year ARM averaged 5.96%, down from 6.18% the week prior.



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Source: http://www.RateEmpire.com

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