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The Karol Cooley Team Blog

May 1st, 2008 3:16 PM

Mortgage applications decreased for the second week in a row at a time when sales are usually increasing.

The Mortgage Bankers Association weekly mortgage applications survey reported that loan application volume fell 11.1 percent on a seasonally adjusted basis from 637.6 the previous week.

On an unadjusted basis, applications decreased 10.2 percent compared with the previous week and were down 14.2 percent compared with the same week a year ago.

The refinance index decreased 16.7 percent, while the refinance share of mortgage activity declined to 45.7 percent of total applications from 49.2 the previous week. The purchased index decreased 4.8 percent.

Mortgage rates were down slightly:

30-year fixed-rate mortgages decreased to 6.01 percent from 6.04 percent;
15-year fixed-rate mortgages decreased to 5.53 percent from 5.60 percent;
1-year ARMs decreased to 6.86 percent from 6.93 percent.

Source: Mortgage Bankers Association (04/30/08)

Posted by Taylor Caughron on May 1st, 2008 3:16 PMPost a Comment (0)