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Mortgage News |
Mortgage News You Can Use New home loan demand falls 10%Applications for purchases ease from record level as rates tick higher; refinancing dips nearly 1%. NEW YORK (Reuters) - Americans filed fewer mortgage requests last week as a modest uptick in mortgage rates cooled the resurgence in loan demand seen in the prior week, an industry trade group said Wednesday. The Mortgage Bankers Association said its market index, a measure of weekly mortgage activity, fell for the week ended Jan. 23 by 5.2 percent to 868.9 from the previous week's 916.1, which was the highest level since the week ended Aug. 1, as average 30-year mortgage rates rose 3 basis points to 5.58 percent. The U.S. housing market has been a pillar of the economy, posting three straight years of record sales, in spite of a recession. It has defied repeated forecasts for a slowdown and has continued to exhibit unusual strength in the early days of 2004. The group's purchase index, which gauges new requests for home purchases, fell 10 percent to 451.6 from last week's 501.6, which was the highest level reported since the group began its weekly survey in 1990. The Washington trade group's refinancing index slipped 0.9 percent to 3,296.7 from previous week's 3,327.3, which was the highest level since the week ended Aug. 1. Back to Original Article: Mortgage News You Can Use
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