Mortgage Applications Drop Last Week

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The total number of applications for mortgages in the U.S. dropped last week. The main reason is said to be because the interest rates went up. Generally when the interest rates go up, the mortgage applications drop.

The MBA or (Mortgage Bankers Association) reports its adjusted mortgage application index each week and it fell 9.2% for the week ending June 13th.

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They also report on several other index figures like refinance statistics, 30 year mortgage rates, 15 year mortgage rates and more. All of this information is important for people to get a feel for the economy in the mortgage market. This information is also very important to know when people are trying to decide when to purchase a home. Interest rates and refinance rates are important numbers to know before a decision is made.

The refinance statistics for the same week also fell. They fell by a larger percentage, 12.7% over last week. The new home sales also fell 4.7% and much of this was due to the higher interest rates as well.

One of the most important numbers many like to look at is the current 30 year mortgage rates. The rates averaged 4.36% last week and that is up 2 points from the previous week. The previous week the rates averages 4.34%.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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