New Mortgage Applications Drop 5%
Applications for new mortgages dropped -5% last week according to the Mortgage Bankers Association. Refinancings also fell by -5.2%. The figures are adjusted to account for the Martin Luther King Jr. holiday; unadjusted, new mortgage applications fell by more than…
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Applications for new mortgages dropped -5% last week according to the Mortgage Bankers Association. Refinancings also fell by -5.2%. The figures are adjusted to account for the Martin Luther King Jr. holiday; unadjusted, new mortgage applications fell by more than -13%.
The 4-week seasonally adjusted moving average of the index was 4.12%.
Interest rates also rose, with 30-year conforming loans rising from 4.06% to 4.11%. The interest rate on 30-year FHA-backed mortgages rose from 3.91% to 3.97%. Only 30-year jumbo mortgage rates fell, from 4.40% to 4.39%. Interest on a 15-year loan rose from 3.33% to 3.40%.
The weekly rate of new mortgage applications had jumped 20% in the previous week.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.