Mortgage, refinancing applications fall
July 01, 2009 04:30PM
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
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Comments
Anonymous
That's because the banks prefererred to boost assets and financial lratings by hoarding TARP monies rather than dispersing loan proceeds; in the meantime the banks profit on non-refundable loan application fees for loans that are aborted due to restrictive underwriting policies and low-ball appraisals, all in the name of sound banking practice.
Comment #1 Posted By: Anonymous 07/02/09