In The News
Mortgage Applications Report Shows Expected Decline
February 12, 2009 by Mortgage Align · Leave a Comment
Last week, the number of Americans applying for mortgages decreased from the previous week, according to a report released today by the Mortgage Bankers Association (MBA).
The Index, which measures and compares mortgage loan application volume from week to week, showed that for the week ending February 6, mortgage activity decreased 24.5 percent from the previous week’s numbers. The number of refinance applications dropped 30.3 percent, while applications from those seeking to purchase a home fell 9.8 percent.
“A dip in mortgage activity is to be expected, especially after such a prolonged period in week-over-week growth in mortgage activity,” said Bob Walters, Chief Economist, Quicken Loans.
“The fact is rates remain very low and plenty of people still stand to benefit from refinancing their existing mortgages. I’d expect activity to remain strong as long as rates remain near current levels.”
