March 12, 2008
Mortgage Applications Fall
Mortgage applications declined again last week, according to a national survey by the Washington D.C.-based Mortgage Bankers Association .
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis. The index was also down 3.4 percent from the same week last year.
Refinance mortgage applications decreased 4.7 percent over the week, while the Government Purchase Index, which largely measures FHA loans, increased 10 percent.
Interest rates rose during the week, with the average rate for a 30-year fixed-rate mortgage going from 5.98 to 6.37 percent.
The Market Composite Index, a measure of mortgage loan application volume, decreased 1.9 percent on a seasonally adjusted basis. The index was also down 3.4 percent from the same week last year.
Refinance mortgage applications decreased 4.7 percent over the week, while the Government Purchase Index, which largely measures FHA loans, increased 10 percent.
Interest rates rose during the week, with the average rate for a 30-year fixed-rate mortgage going from 5.98 to 6.37 percent.
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