Mortgage loan applications decreased 2.5 percent on a seasonally
adjusted basis for the week ending Nov. 13, compared to a week earlier,
according to the Mortgage Bankers Association’s weekly report ending
Nov. 13. The seasonally adjusted purchase index also dropped 4.7
percent from the prior week and is currently at its lowest level since
November 1997. The drop comes as interest rates for a 30-year fixed
rate mortgage decreased to 4.83 percent from 4.9 percent. The report
also shows that the refinance index decreased 1.4 percent
week-over-week. However, refinance shares of mortgage activity
increased to 72.9 percent of total applications, the highest share
since the week ending May 15, from 71.5 percent a week earlier. The
weekly report also indicates that interest rates for 15-year fixed-rate
mortgages and interest rates for one-year adjustable-rate mortgages
decreased slightly, .01 percent and .03 percent, respectively. TRD
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While the commercial market suffered in the first quarter of the year, Newmark Knight Frank CEO Barry Gosin told CNBC that leases are being signed once again. “It was a pretty bleak first quarter,” Gosin said. But the second quarter gave way to some improvement: “at least businesses are more confident to make decisions so leases are being signed.” The burning question at this moment is how refinancing options — or a lack thereof — will affect commercial market stability. “With everything assaulting the banks, they’re still hoarding cash and as a result they’re very easily going to roll over some of these loans,” Gosin said.