Mortgage Activity Down After Weeks of Increases
Mortgage News from Quicken Loans
Following two-consecutive weeks of increases, fewer Americans applied for a mortgage last week as compared to the one that preceded it, according to the Mortgage Bankers Association (MBA).
Earlier today the MBA released its Weekly Mortgage Applications Survey for the week ending August 17. The survey showed that, compared to the week ending August 10, the number of consumers applying for a mortgage to purchase a home decreased 5.5 percent and those looking to refinance decreased 5.0 percent.
Bob Walters, Chief Economist of Quicken Loans, says this is just another example of the expected ups and downs the housing market will experience in the months to come as it works to solidify itself.
"Consumers may have been spooked by all the news last week swirling around the lending industry and people's access to credit," says Walters. "However, when you ignore the noise and look at how most consumers seeking to buy a home or refinance a mortgage are affected, you'll note that the majority of them have strong credit and can document their income. They have plenty of loan programs available to them and at favorable rates."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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