Mortgage news

News, trends and analysis of the mortgage and credit market

Wednesday, November 21, 2007

Mortgage applications down

November 21 2007

The volume of applications filed for mortgages fell 3.6% last week, the Mortgage Bankers Association reported Wednesday. Also on a seasonally adjusted basis, applications to refinance existing mortgages decreased 5.0% on a week-to-week basis in the week ended Nov. 16 , while new home purchase applications dropped 2.0%, according to MBA's weekly survey. On an unadjusted basis, overall applications were up 9.8% compared with the same week in 2006. The four-week moving average for all applications showed improvement, up a seasonally adjusted 0.9%. Refinancing filings accounted for 50.3% of all applications last week, up slightly from 50.2% the previous week. Adjustable-rate mortgages made up 15.8% of all filings, up from 15.5%.

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