Mortgage Applications Fall in Latest Study
Mortgage News from Quicken Loans
The latest Market Composite Index, released today by the Mortgage Bankers Association (MBA), showed mortgage activity decreased 3.6 percent last week when compared to the week prior.
The report showed the Purchase Index dipped 5.0 percent and the Refinance Index decreased 1.4 percent from the previous week.
Quicken Loans Chief Economist, Bob Walters, says that because homeowners are willing to make concessions on the current glut of unsold homes, he would expect strong sales numbers throughout the rest of the summer.
"Mortgage performance last week was disappointing, however housing should gain some strength in the summer months as homeowners offer concessions to sell their homes, and long-term interest rates remain at these near-historic lows," said Walters. "Barring other unexpected market runs, I would expect to see some normalization in the next few weeks to compensate for last week's lull."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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