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This time of year is typically the busiest in the mortgage world. Families are trying to move into their new homes before school starts and get settled in. The local real estate agents call it the silly season. Except July, 2006 is very slow comparitively for mortgages as applications dropped 1.3 percent in just one week. Rates are 1 percent higher than they were a year ago, coming in at 6.7 percent as opposed to 5.7 percent in July, 2005.

Mortgage applications fell for a second consecutive week, an industry trade group said Wednesday, adding further evidence that the once robust housing market is softening. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity — made up of both refinancing and purchasing loans — for the week ended July 21 decreased 1.3% from the previous week.

The MBA data followed a flurry of recent measures of housing activity, nearly all of which point to a slowdown in the sector. The MBA index’s trend in recent months indicates a gradual decline of the housing sector in the USA, not a collapse, according to David Sloan, senior economist at 4CAST.

“The housing sector has certainly slowed, but this data doesn’t look as weak as the home builders survey,” he said. “I would say the MBA’s index has a slightly better correlation to home sales than the home builders survey.”Sloan was referring to a recent survey by the National Association of Home Builders which showed confidence of home builders fell to a 14-year low in July. via USATODAY.com

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