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The Mortgage Bankers Association (MBA) reported today that applications for U.S. home mortgages dropped for the fourth week in the last five as soaring rates on standard, fixed-rate mortgages choked off refinancing opportunities.
Published on June 18, 2008
The industry group said its seasonally adjusted index of mortgage application activity fell 8.7 percent to 508.4 in the week ended June 13. The MBA's seasonally adjusted index of refinancing applications tumbled last week by 15 percent to 1,378.6 -- its lowest since July 2006.
The gauge of loan requests for home purchases declined 4.3 percent to 360.2.
Fixed 30-year mortgage rates averaged 6.57 percent in the week, up 33 basis points from the prior week and the highest since July 2007.
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