• Tweet

• Tweet

This morning the Mortgage Bankers Association of America announced that mortgage applications for the week ended July 8, 2005 decreased 7.2% over the previous week. The seasonally-adjusted Purchase Applications Index was down 6.1% and the Refinance Index was down 8.5%. Applications for refinancing comprised 45.1% of total mortgage applications.

“It was no surprise that mortgage applications dropped last week, given the holiday. Housing remains one of the nation’s strongest sectors, fueled by a strengthening labor market and continued low rates,” said Bob Walters, Chief Economist for Quicken Loans. “Long term mortgage rates, while up slightly, are still at historic lows, making home financing affordable and creating opportunities for home owners to ‘dis-ARM’ by refinancing out of adjustable rate programs into longer-term fixed rate mortgages.”

 Printer Friendly Version