Mortgage Applications Fall for the Week

Mortgage Applications Fall for the Week

by Raja Tayeb on January 27, 2010

Mortgage applications declined 10.9 percent last week compared to the previous week on a seasonally adjusted basis, the Mortgage Bankers Association reported in its weekly survey.

On an unadjusted basis, applications decreased 10.1 percent compared with the previous week and were down 19.8 percent compared to the same week last year.

Refinances decreased 15.1 percent compared to the previous week, while purchases were down only 3.3 percent.

Most interest rates were up slightly compared to the previous week:

  • 30-year fixed-rate mortgages increased to 5.02 percent from 5 percent.
  • 15-year fixed-rate mortgages increased to 4.34 percent from 4.33 percent.
  • 1-year ARMs increased to 6.84 percent from 6.72 percent.

Source: Mortgage Bankers Association (01/27/2010)

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