Home loan applications fall 4th straight week - Yahoo! News
Home loan applications fall 4th straight week - Yahoo! News: "U.S. mortgage applications fell for a fourth straight week as a robust rebound in loan refinancings failed to lift activity from more than a 3-1/2-year low, an industry trade group said on Wednesday.The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended December 30 decreased 1.5 percent to 545.9 from the previous week's 554.1. Volume was at its lowest level since the week ended May 24, 2002, when the index reached 516.9.
The group's seasonally adjusted index of refinancing applications increased 8.3 percent to 1,363.2 compared with 1,259.1 the previous week. The index rose for the first time in four weeks.
Volume, however, was at its lowest level since the week ended June 4, 2004, when the index reached the same point.
A steady fall in interest rates on fixed-rate loans have led borrowers to refinance out of their existing adjustable-rate mortgages into fixed-rate loans last week."
posted by Justin Smith @ 1/04/2006 09:19:00 AM
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