28 Jul 10 Mortgage Refinance Activity Falls
Mortgage applicants seeking home refinancing dropped to 78% last week from 79.4% the prior week, which was the highest level since April 2009. The average mortgage refinance rate on a 15-year fixed rate home loan rose to 4.12% from 4.05%, and the mortgage rate on a 1-year adjustable rate mortgage decreased to 3.15 % from 3.17 %
The Mortgage Bankers Association’s index fell 4.4% in the week ended July 23, the Washington-based group said today. The mortgage refinance measure fell 5.9% from the prior week’s one-year high, but the home purchase index did increase 2%. The average mortgage refinance rate with a 30-year fixed rate increased to 4.69% from 4.59% the prior week, which was the lowest since data began in 1990. Read the original mortgage news post online > Mortgage Refinancing Applications Drop.
