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%. 

T
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



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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.

www.EugeneFineHomes.com