Posted by OR on 8/24/11 10:23am
Msg #394815

MBA mortgage application this week from Rate Alert

Earlier this morning the weekly MBA mortgage applications; weaker again. The purchase index fell steeply for a second week, down 5.7% in the August 19 week and now at its lowest level in 15 years. Low interest rates aren't helping with applications falling across the board including a 15% fall for jumbo loans and an eight percent fall for government housing programs. Low rates had triggered a surge in refinancing applications which however eased back 1.7% in the latest week. Rates moved slightly higher in the week with the 30-year up seven basis points to 4.39%.