June 10, 2010
Mortgage Activity Dwindles In Tax Credit's Absence
By Brandon Butler
Mortgage activity declined last week by about 12 percent and refinancing activity declined for the first time in a month, according to the Mortgage Bankers Association.
The MBA's market composite index, which measures the volume of mortgage loan applications, fell 21 percent, but was only down 12 percent when seasonally adjusted to take into account the Memorial Day holiday.
Refinance applications dropped by 14.3 percent last week on a seasonally adjusted basis, which is the first drop in refinance activity in a month.
"Homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of the April," said the MBA.
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