Mortgage Applications Rise Again
Mortgage applications rose in the latest week:
WASHINGTON, D.C. (July 15, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 10, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 514.4, an increase of 4.3 percent on a seasonally adjusted basis from 493.1 one week earlier. On an unadjusted basis, the Index increased 15.3 percent compared with the previous week and decreased 2.7 percent compared with the same week one year earlier.
The Refinance Index increased 17.7 percent to 2009.4 from 1707.7 the previous week and the seasonally adjusted Purchase Index decreased 9.4 percent to 258.8 from 285.6 one week earlier.
The drop in purchase applications is disappointing as we really need to sustain sales to clear out the inventory. The rise in refinances continues a trend that started earlier this year. The recent drop in rates apparently has spurred anyone with the ability to refinance to do so before rates rise again.
- July 15th
[...] News Sources wrote an interesting post today onHere’s a quick excerptMortgage applications rose in the latest week: WASHINGTON, D.C. (July 15, 2009) — The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending July 10, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 514.4, an increase of 4.3 percent on a seasonally adjusted basis from 493.1 one week earlier. On an unadjusted basis, the Index increased 15.3 percent compared with the previous week and decreased 2.7 p [...]
[...] expected in June. Prices were down year over year, but sustained deflation seems highly unlikely. Mortgage applications rose for the second straight week as homeowners rushed to refinance. Applications for purchases fell [...]