June 23, 2010
Home Loan Interest Rates, Apps Slide
By Matthew L. Brown
Home loan activity cooled significantly last week as borrowers pulled back even from refinancing, the Mortgage Bankers Association said.
The MBA's Market Composite Index, a measure of home loan application volume, decreased 5.9 percent last week compared to the prior week.
Refinance application volume decreased by 7.3 percent. Applications to refinance made up 73.8 percent of all home loan application volume during the week.
The MBA said there was a decline of 4.4 percent in applications for government loans and a 1 percent increase in applications for conventional loans.
The average contract interest rate for a 30-year fixed-rate mortgage was 4.75 compared to 4.82 the previous week.
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