Mortgage activity tapers but interest rates still supportive of housing
Mortgage News from Quicken Loans
Long-term interest rates remain at near-historic lows, however mortgage activity eased back last week according to the Mortgage Bankers Association.
This morning the association announced that applications for mortgage loans decreased 3.4 percent overall as compared to the week ending June 15. That includes a 3 percent drop in applications for a mortgage to purchase a home and a 4.2 percent decrease in applications to refinance current mortgages.
"Mortgage performance last week was disappointing, but as the housing market continues to find its footing, we can expect to see some significant ebb and flow in mortgage activity," says Bob Walters, Chief Economist of Quicken Loans. "However, housing should gain some strength in the summer months as homeowners make concessions to sell their homes, and long-term interest rates remain at these near-historic lows."
This article is reprinted by permission from Quicken Loans © 2007 Quicken Loans Inc. All rights reserved.
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