29% Decrease in New Mortgage Applications
According to a survey by the Mortgage Banker’s Association, as reported by CNN, application volume has decreased lately with a simultaneous increase in fixed-rate loans. This 29% fall, however, came after a 41% increase in previous weeks. The recent decrease simply reduced the application volume to its previous range. Furthermore, the number of refinances dropped 38%, and purchases dropped almost 12%. This survey provides a glimpse into the current status of mortgage lending, and reaches to mortgage bankers, as well as commercial banks and thrifts, and covers approximately half of all original residential retail mortgages each week.
For the complete story on this survey, please visit: http://money.cnn.com
posted by Editor in Chief at 2:24 PM
1 Comments:
Compared to what?? There are some serious points being over looked here. If people had been more cautious 2 or 3 yrs ago and actually bought what they could afford and took loans they could afford, the mortgage industry wouldn't be where it is today. This is such a bad and unfair statistic. A decrease in apps are not a bad thing, it's good because the quality in apps is better and a higher close rate. That's the statistic I'd like to see, closing rates.
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