The Real Deal Miami

Mortgage activity declines nationwide

June 23, 2010 12:45PM

Mortgage application volume declined 5.9 percent during the week ending June 18, according to the Mortgage Bankers Association’s latest weekly application survey. This week-over-week drop in overall mortgage application activity was due in large part to the 7.3 percent decline in refinancings, according to the report, while the rate of new mortgage applications stayed relatively flat, declining just 1.2 percent. Despite the moderate slowdown in activity, the average interest on 30-year mortgages dropped to 4.75 percent from 4.82 percent during the same time period. TRD