Daily Real Estate News  |  June 25, 2008  |   Mortgage Applications Fall Again
For the fifth week out of the last six, mortgage applications declined, falling 9.3 percent to 461.3 on a seasonally adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the index decreased 9.3 percent and was down 25.3 percent compared with the same week last year.

The refinance index decreased 12.1 percent while the purchase index declined 7.4 percent.

Mortgage rates declined slightly:

• 30-year fixed-rate mortgages decreased to 6.39 percent from 6.57 percent
• 15-year fixed-rate mortgages decreased to 5.95 percent from 6.14 percent
• 1-year ARMs decreased to 7.09 percent from 7.22 percent

Source: Mortgage Bankers Association (06/25/2008)