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The Mortgage Bankers Association announced this morning that applications for mortgage loans decreased 2.8 percent last week when compared to the week prior.

The report showed the Purchase Index decreased 7.3 percent and the Refinance Index increased 3.3 percent from the previous week.

Quicken Loans Chief Economist Bob Walters says once the negative mortgage news starts to clear, and consumers once again see the financing possibilities out there, mortgage applications should go up.

“Informed consumers are ignoring the noise about tightening credit and are refinancing out of ARMS and into the stability of fixed-rate mortgages,” Walters said. “Despite the cloud of negative news, folks with good credit and documented income and assets can get financing at very favorable rates, especially homeowners refinancing out of adjustable-rate mortgages and into the security of a fixed-rate program.”

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