Unemployment and Long-Term Rates Low, Home Purchases Stable

Mortgage News from Quicken Loans

Mortgage loan applications fell for a second consecutive week, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. For the week ending July 21, the Market Composite Index showed applications overall declined 1.3 percent on a seasonally adjusted basis from the previous week.

The Purchase Index saw a decrease of 2.4 percent, while the Refinance Index rose 0.6 percent.

"Regardless of the slight decline in June's Existing Home Sales report, the purchase market is still quite robust," said Bob Walters, chief economist of Quicken Loans. "The key ingredients fueling housing are relatively low long-term rates and low unemployment. Refinance applications have been fueled by homeowners who've taken advantage of lower long-term rates by refinancing out of adjustable rate mortgages, or consolidating home equity lines of credit into their primary loan."

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Unemployment and Long-Term Rates Low, Home Purchases Stable

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