The Real Deal Miami

Mortgage activity dips for Presidents’ Week

March 02, 2011 12:39PM

U.S. mortgage activity declined by 6.5 percent last week, with applications for both refinancings and purchases showing week-over-week declines, according to data from the Mortgage Bankers Association through Feb. 25. The drop in application volume comes despite interest rate declines: the 30-year fixed-rate mortgage averaged 4.84 percent last week, down from 5 percent the week prior, while the 15-year fixed-rate mortgage averaged 4.17 percent, down from 4.28 percent a week ago. But last week’s data was also unadjusted for the Presidents’ Day holiday, which may have affected application volume as well. Still, mortgage applications for purchases were 19.6 percent below their level during the same week last year. TRD