February 20, 2008
Mortgage Applications Drop 22 Percent
By Matthew L. Brown
According to the Washington, D.C.-based Mortgage Bankers Association , mortgage application volume fell 22.6 percent last week.
The association's Market Composite Index was 822.8 for the week ended Feb. 15 compared to 1,063.5 the previous week. However, mortgage application volume for the week was up 33.9 percent compared to the same period last year.
The association's Refinance Index was down 27.9 percent compared to the previous week.
The association said the average interest rate for a 30-year, fixed-rate mortgage was up to 6.09 percent from 5.72 percent.
The association's Market Composite Index was 822.8 for the week ended Feb. 15 compared to 1,063.5 the previous week. However, mortgage application volume for the week was up 33.9 percent compared to the same period last year.
The association's Refinance Index was down 27.9 percent compared to the previous week.
The association said the average interest rate for a 30-year, fixed-rate mortgage was up to 6.09 percent from 5.72 percent.
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