June 2, 2011

Mortgage Bankers Weekly Survey: Mortgage Applications Decrease


Mortgage Bankers Association for the week of 6/1/2010

Fixed rate mortgages continue to decline this week, with the 30-year loan averaging 4.55% its lowest average this year. The MBAA reports their  Market Composite Index: ( Loan application volume) Decreased 4%. 

heir Refinance Index:  Decreased 5.7% from the previous week on further declines in the interest rate.
However, this isnt helping sell homes.  Mortgage applications decreased 4% from one week earlier, according to data from the Mortgage Bankers Associations Weekly Mortgage The MBAA reports their  Purchase Index  decreased 1.2% compared with the previous week

The recent Fed meeting indicates that lower rates will continue as the economic  recovery is unremarkable. Thats Bernakes word for this...unremarkable

Thanks For Reading

1 comment:

Sean Pearson said...

If we can get the banks to keep their rates this low long enough for people to recover financially then we would see the markets clear up.