April 23, 2008
Mortgage Applications Down, Rates Up
By Matthew L. Brown
Home loan application volume took a 14 percent dive during the week ended April 18, according to the Mortgage Bankers Association .
The association's Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent from the 743.4 the association reported the previous week.
The refinance share of mortgage activity decreased to 49.2 percent of total applications from 53.5 percent the previous week, the association said. And the average interest rate for a 30-year fixed-rate mortgage increased to 6.04 percent from 5.74 percent the previous week.
The association's Market Composite Index, a measure of mortgage loan application volume, was 637.6, a decrease of 14.2 percent from the 743.4 the association reported the previous week.
The refinance share of mortgage activity decreased to 49.2 percent of total applications from 53.5 percent the previous week, the association said. And the average interest rate for a 30-year fixed-rate mortgage increased to 6.04 percent from 5.74 percent the previous week.
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