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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Mortgage Applications down 4.6% last week
NEW YORK (Reuters) -- U.S. mortgage applications fell last week for the first time in three weeks, largely reflecting a steep drop in home purchase loans as lower interest rates failed to spur demand, an industry trade group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended July 14 decreased 4.6 percent to 540.8 from the previous week's 566.8.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.73 percent, down 0.08 percentage point from the previous week. Interest rates were 0.13 percentage point below a four-year high reached three weeks prior.
The MBA's seasonally adjusted purchase mortgage index fell 6.2 percent to 398.5. The index, substantially below its year-ago level of 488.7, is considered a timely gauge of U.S. home sales.
The group's seasonally adjusted index of refinancing applications decreased 1.6 percent to 1,377.6.
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Posted 7/19/06 8:56 AM  |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Mortgage Applications down 4.6% last week
they go up... and they go down
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| Posted 7/19/06 9:11 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage Applications down 4.6% last week
interesting- Jake's business has picked up alot in the last month
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| Posted 7/19/06 9:55 AM |
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~Colleen~
my loves...
Member since 5/05 9129 total posts
Name:
guess
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Re: Mortgage Applications down 4.6% last week
Posted by Beth1210
interesting- Jake's business has picked up alot in the last month
Hmm, I was wondering how this affected the broker's of the board (or the SO's of the board  )...good to hear that Jake hasn't suffered.
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| Posted 7/19/06 9:59 AM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Mortgage Applications down 4.6% last week
Posted by Beth1210
interesting- Jake's business has picked up alot in the last month
I wonder if that is any idication that home sales on LI are picking up.... He deals mostly with LI or NYC?
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| Posted 7/19/06 10:27 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage Applications down 4.6% last week
Posted by lululu
Posted by Beth1210
interesting- Jake's business has picked up alot in the last month
I wonder if that is any idication that home sales on LI are picking up.... He deals mostly with LI or NYC?
nope- he is lic. in every state- I will ask him which state he does the most business
I would be lying if I didn't say that this year has been rough- certainly not as good as the last 2 years- but that also had to do with the company he was with - switching companies has been great
he does alot of re-fi and alot of sales in NY that are referals
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| Posted 7/19/06 12:23 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage Applications down 4.6% last week
Posted by Colleen9304
Posted by Beth1210
interesting- Jake's business has picked up alot in the last month
Hmm, I was wondering how this affected the broker's of the board (or the SO's of the board )...good to hear that Jake hasn't suffered.
we've suffered- esp since Jake had a branch office- and had to pay bills and everyone else before himself
I hope that things go back to the way they were- and we have learned alot and spend alot less then we did 2 years ago
all in all this was actually good for us in the long run
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| Posted 7/19/06 12:25 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Mortgage Applications down 4.6% last week
I think business will pick up again when people start refinancing their ARMS.... Since they werent very popular until about 3 or 4 years ago, I can imagine that a lot of the 5 year ARMS are about to come up for adjustment in the next couple of years and it may still be better to re-fi than go with the adjustable rate.
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| Posted 7/19/06 12:55 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Mortgage Applications down 4.6% last week
Posted by lululu
I think business will pick up again when people start refinancing their ARMS.... Since they werent very popular until about 3 or 4 years ago, I can imagine that a lot of the 5 year ARMS are about to come up for adjustment in the next couple of years and it may still be better to re-fi than go with the adjustable rate.
it's already happening- he sold a ton of ARMS and they are already coming back
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| Posted 7/19/06 1:54 PM |
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