August 12, 2010
Low Rates Fail To Attract Home Buyers
By Matthew L. Brown
Despite the lowest 30-year interest rate ever recorded in its weekly Mortgage Applications Survey, home loan application volume increased just 0.6 percent in the week ended Aug. 6, according to the Mortgage Bankers Association.
Applications to refinance made up 78.1 percent of all loan application activity during the week, about flat with the previous week.
The volume of loan applications to purchase homes was 34.1 percent below last year's levels.
The average contract interest rate for a 30-year, fixed-rate mortgage was 4.57, the lowest ever recorded by the MBA's survey.
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