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US mortgage applications down 15%
Country: United States
27 February 2009
The volume of mortgage application in the USA fell by 15% last week, reflecting a sharp drop in demand for refinancing, despite mortgage rates hovering near historic lows.
The fall followed recent healthy gains, and came amid the unveiling of the strongest government action yet to aid homeowners since the housing market's meltdown began.
The Mortgage Bankers Association (MBA) said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended 20 February fell 15.1% to 743.5 after rocketing 45.7% the previous week.
The MBA's seasonally adjusted purchase index fell 2.6% to 250.5 after rising 9.1% the previous week, and was down 30.1% year-on-year. It hit an eight-year low of 248.5 in November.
Overall mortgage applications last week were up 11.8% on an annual basis. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 0.4%.
The Mortgage Bankers' seasonally adjusted index of refinancing applications sunk 19.1% to 3,618.0 after soaring 64.3% the previous week, and it was up 47.1% year-on-year.
President Barack Obama last week announced a plan designed to provide much-needed support to the housing market. It aims to support refinancing for good quality borrowers; help distressed borrowers avoid foreclosure; and stimulate new housing demand through the expansion of Fannie Mae and Freddie Mac.
Freddie Mac reports that interest rates were little changed this week, with the 30-year fixed-rate mortgage (FRM) averaging 5.07% with an average 0.7%. That's essentially unchanged from 5.04% last week, and considerably lower than the 6.24% rate a year ago.
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