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Daily Real Estate News  |  June 23, 2010  |   Mortgage Applications Decline
Mortgage applications declined 1.2 percent last week compared to the previous week on an adjusted basis, according the Mortgage Bankers Association weekly survey.

On an unadjusted basis, purchased applications declined 2.3 percent and they were 36.8 percent lower than they were the same week a year ago.

The decline in purchase applications was driven by a 4.4 percent decrease in applications for government-backed mortgages, according to the MBA. Conventional purchase applications actually increased 1 percent.

Most mortgage rates were at their lowest point since mid-May:
  • 30-year fixed-rate mortgages decreased to 4.75 percent from 4.82 percent.
  • 15-year fixed-rate mortgages decreased to 4.19 percent from 4.23 percent.
  • 1-year ARMs decreased to 7.05 percent from 7.07 percent.

Source: Mortgage Bankers Association (06/23/2010)

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