February 21, 2008
Mortgage applications drop 22 percent
Mortgage application volume fell 22.6 percent last week, according to the Washington, D.C.-based Mortgage Bankers Association.
The association's Market Composite Index was 822.8 for the week ended Feb. 15 compared to 1,063.5 the previous week. However, when compared to the same period last year, mortgage application volume was up 33.9 percent.
The association's Refinance Index was down 27.9 percent compared to the previous week.
The association said the average interest rate for a 30-year, fixed-rate mortgage was up to 6.09 percent from 5.72 percent.
The association's Market Composite Index was 822.8 for the week ended Feb. 15 compared to 1,063.5 the previous week. However, when compared to the same period last year, mortgage application volume was up 33.9 percent.
The association's Refinance Index was down 27.9 percent compared to the previous week.
The association said the average interest rate for a 30-year, fixed-rate mortgage was up to 6.09 percent from 5.72 percent.
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