Mortgage applications fell last
week
Source:
Informa Research Services
(06/03/2011) The
number of applications for home loans filed in the U.S. fell for the first time
in more than a month last week.
In
all, the total number of mortgage applications across the country dipped 4% in
the week ending May 27, entirely due to a drop in the number of refinances,
according to the latest weekly statistics from the Mortgage Bankers Association.
While applications for new purchases held steady, refinances fell 5.7% during
the week.
Refinancing
a mortgage may be a helpful financial option for consumers who are facing the threat of
foreclosure. By checking the latest online rate tables to find the best local mortgage
rates,
troubled homeowners can save as much as a few hundred dollars a month on their
home loan payments.
The
decline in the number of refinance applications filed across the country brought
the nationwide share of the total mortgage market to 65.7%, down considerably
from the previous week's mark of 66.8%, the report said.
The
drop in interest for refinances was likely due to a slight downturn in the
economy that had a negative effect on consumer confidence, the report
said.
