US Mortgage Applications Fall
http://www.bloomberg.com/apps/news?pid=20601103&sid=aNKWl5Z28ZMk&refer=news
Rising interest rates have led to a sharp fall in mortgage applications in the US. According to the latest data issued by the Mortgage Bankers Association (MBA) the adjusted index mortgage applications for both new and refinanced loans declined by 16.2% to 658.7 for the week ended May 29. The mortgage bankers’ refinancing gauge decreased to 2,953.6, the lowest level since February, from 3,890.4 in the previous week. The organizations’ purchase index rose to 267.7, a two-month high, from 256.6. The survey by the MBA covers nearly half of all U.S. retail residential mortgage originations. The data has also revealed that the share of applicants seeking to refinance loans has declined to 62.4% of the total applications from the 69.3% reported in the previous week. The interest rate on a 30 year fixed rate loan has risen to 5.25% which is the highest since January.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment