Mortgage Applications Down Last Week – Obscure Holiday Cited
Okay, I understand it was a slow week, but when a major story coming out is that mortgage applications are down 15 percent week to week, then we do have a problem. If it is the middle of September that could be an indicator, sure. But when the week encompasses December 25th, a day called Christmas even in some Muslim and Buddist countries, the fear mongering by headline writers is a bit excessive.
The latest data on mortgage applications came during a week shortened by the Christmas holiday, the Washington-based MBA noted.
Applications to refinance existing mortgages loan decreased a seasonally adjusted 15.4% on a week-to-week basis, while applications for loans to buy homes were down 8.5%, according to the MBA survey.
The four-week moving average for all loans was down 9.0%.
Refinancings accounted for 50.9% of all applications last week, down from 53.0% the previous week. Adjustable-rate mortgages decreased to 9.8% of all applications, down from 10.4% the previous week.
The average interest rate for 30-year fixed-rate mortgages was 6.05% last week, down from 6.10% the previous week. via MarketWatch.
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