Home loan applications tumble once
again
Source:
Informa Research Services
(07/15/2011)The
total number of mortgage applications filed across the country last week fell
once again, even when an adjustment for the Independence Day long weekend is
taken into account.
The total
number of applications for new home loans and refinances slipped 5.1% for the
week ending July 8, according to the latest statistics from the Mortgage Bankers
Association. This decline was driven largely by a 6.2% drop in the number of refinances sought during the week, and that rate was also 41.2% lower than it was in the
same week last year.
Consumers
often seek refinances when interest
rates fall, as the lower rate will typically drop their monthly home loan bills by as
much as a few hundred dollars. Consumers can find the best local mortgage rates
by checking the latest online
rate tables.
Meanwhile,
the number of consumers that sought a home loan for a new purchase fell 2.6%
during the week, but was only 0.2% lower than it was in the same period last
year, the report said. Overall, the refinance portion of the mortgage market
dropped to 65.6% from 66.4% the week before.
