Applications for mortgages and refinancings fell in the week ending
June 26, compared to the previous week, according to data released
today by the Mortgage Bankers Association. Mortgage loan applications
stood at 444.8 on the association’s scale, an 18.9 percent decrease on
a seasonally-adjusted scale from the previous week and a 7.4 percent
decrease year-over-year. The association’s index of refinancings fell
30 percent from the previous week, to its lowest level since November.
The average interest rate for a 30-year fixed-rate mortgage fell to
5.34 percent from 5.44 percent. TRD [more]

From the June issue: While many potential buyers of residential real estate in New York City
are waiting on the sidelines, expecting prices to fall further, the
plunge of interest rates to historical lows has sparked an explosion in
mortgage refinancing.
“We are definitely seeing tremendous interest in refinancing,” said
Brooke Jacob, CEO of Everest Equity in Suffern, N.Y. “Anybody with an
open loan balance is trying to do it. Whether they own a unit in a
condo or a co-op, whether it’s a townhouse in an outer borough, a
single-family home, an apartment complex or any real estate, when
interest rates drop, you will see an influx of refinancing. Demand is
huge.” [more]

The number of people looking to take out or refinance mortgages fell
7.2 percent last week as interest rates rose, according to data
released by the Mortgage Bankers Association today. The average
interest rate increased from the previous week to 5.57 percent for a
30-year fixed-rate mortgage and rose to 5.1 percent for a 15-year
mortgage. The average interest rate for one-year adjustable-rate
mortgages increased to 6.75 percent. Refinancing applications fell 11.8
percent to 59.4 percent, from 62.4 percent the previous week, the
lowest since November. [more]