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Mortgage Applications Fell 23% Last Week

Adjustable-rate mortgages dwindle further as rates charged on them rise

By Amy Hoak,
Source: MarketWatch
Oct. 1, 2008


CHICAGO (MarketWatch) — Mortgage applications filed last week dropped a seasonally adjusted 23.0% compared with the previous week, the Mortgage Bankers Association said Wednesday. Applications for the ended Sept. 26 were also lower than in the same week during 2007, down 28.4%, the Washington-based MBA said.

The group’s survey covers about one half of all U.S. retail residential mortgage applications. Applications to purchase a home were down a seasonally adjusted 10.9%, compared with the week before. Filings to refinance existing mortgages fell 34.7% on a week-to-week basis. The four-week moving average for all loans was up 0.1%, according to the association’s latest survey.

Refinancing made up 44.0% of all applications, down from 51.6% the previous week, with adjustable-rate mortgages accounting for 3.3% of filings, down from 4.0%.

As for interest rates, the rate charged on fixed-rate mortgages held essentially steady last week. A 30-year fixed-rate mortgage averaged 6.07%, off from 6.08% the previous week, while the average rate on a 15-year fixed-rate mortgage stood at 5.82% last week, off from 5.84%. However, the rate on one-year ARMs averaged 7.19%, up from 7.01% the previous week.

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The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.
The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.