The latest from the Mortgage Bankers Association describes slowing mortgage applications:
“The Market Composite Index, a measure of mortgage loan application volume decreased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3.3 percent compared with the previous week.
The Refinance Index decreased 1.4 percent from the previous week and the seasonally adjusted Purchase Index decreased 4.7 percent from one week earlier. The seasonally adjusted Purchase Index has declined for six consecutive weeks and is at its lowest level since November 1997. The unadjusted Purchase Index decreased 7.9 percent compared with the previous week and was 14.7 percent lower than the same week one year ago.”
Does this surprise anyone considering the accelerated home buying activity earlier in the year due to the tax credit program— which has now stopped? Will a new tax credit program help considering the number of folks that rushed to beat the old deadline and bought a home, not expecting the deadline to be extended?
The full Press Release–
http://www.mortgagebankers.org/NewsandMedia/PressCenter/71068.htm
