Daily Real Estate News | February 13, 2008

Mortgage Applications Slide Last Week

The number of mortgage applications declined last week compared with the previous week, but business was still brisk, according to the Mortgage Bankers Association weekly mortgage applications survey released Wednesday.

Loan volume was 1063.5, a decrease of 2.1 percent on a seasonally adjusted basis from 1086.6 a week ago. On an unadjusted basis, the index decreased 0.4 percent compared with the previous week, but was up 65 percent compared with the same week a year ago.

The refinance share of mortgage activity decreased to 67.4 percent of total applications from 69.2 percent last week.

Mortgage rates, which increased slightly, were probably behind the small decline:

30-year fixed-rate mortgages increased to 5.72 percent from 5.61 percent.
15-year fixed-rate mortgages increased to 5.18 percent from 5.09 percent.
1-year ARMs increased to 5.72 percent from 5.62 percent.

Source: Mortgage Bankers Association (02/13/2008)