mtg apps dip
Posted by WARREN MOSLER on June 29th, 2011
How does that go again about low rates helping housing?
Mortgage Applications Dipped Last Week
June 29 (Reuters) — Applications for U.S. home mortgages slipped last week as demand waned, even as mortgage rates dropped, an industry group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 2.7 percent in the week ended June 24.
The MBA’s seasonally adjusted index of refinancing applications fell 2.6 percent, while the gauge of loan requests for home purchases lost 3.0 percent.
The refinance share of mortgage activity increased to 69.5 percent of total applications from 69.2 percent the week before.
Fixed 30-year mortgage rates averaged 4.46 percent in the week, down from 4.57 percent.
June 29th, 2011 at 11:40 am
banks don’t want to make mortgage loans unless credit is pristine and 30% down….thank you mr regulator.
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June 29th, 2011 at 8:02 pm
Seems to me people need a job first….
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