December 10, 2008
Weekly Home Loan Application Index Down
By Matthew L. Brown
In the week ended Dec. 5, mortgage application volume was down 7.1 percent compared to the previous week, according to the Mortgage Bankers Association.
The association's Market Composite Index hit 796.8 during the week compared to 857.7 the previous week, which was a short week because of the Thanksgiving holiday. Without adjusting for the short holiday week, the week ended Dec. 5 saw an application increase of 32.7 percent.
The index was also up 2.2 percent compared to the same week a year ago, the Washington, D.C.-based association said.
The average interest rate for a 30-year fixed-rate mortgage was 5.45 during the week, a slight decline from 5.47 the previous week.
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