Mortgage Activity Shows Minor Dip
Mortgage News from Quicken Loans
The Mortgage Bankers Association announced this morning that, applications for mortgage loans dropped .8 percent last week compared to the week prior.
The Purchase Index decreased by 1.4 percent, while the Refinance Index dropped .3 percent from the previous week.
Quicken Loans Chief Economist, Bob Walters, says that as the market continues to find its footing, fluctuations in mortgage activity are to be expected.
"Today's mortgage applications survey validates the Fed's statement last week that the adjustment in the housing sector is ongoing," Walters said. "As the market adjustment works itself out, we can expect to continue to see week-to-week swings in mortgage activity."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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