March 2, 2011
Mortgage Activity Slows
By Brandon Butler
The number of mortgage applications dropped 6.5 percent last week compared to the prior week, according to the Mortgage Bankers Association.
The four-week moving average for mortgage activity also fell more than 7 percent, according to the MBA.
Refinancing activity dropped 6.5 percent last week as well, and the percent of total mortgage activity that is refinancing fell from 65.7 percent to 64.9 percent.
The average interest rate on a 30-year, fixed-rate mortgage fell from 5 percent to 4.84 percent, which marked the third consecutive week of decline.
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