REALTOR® Magazine-Daily News-Mortgage Applications Slip Slightly

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Daily Real Estate News | September 1, 2010 | Mortgage Applications Slip Slightly
Applications to purchase a home rose last week on a seasonally adjusted basis compared to the previous week, according to the Mortgage Bankers Association weekly survey.

On an unadjusted basis, the purchase index decreased 0.4 percent compared to the previous week and was 37 percent lower than it was the same week a year ago.

“Despite the slight increase in purchase activity in the past week, the continued low level of purchase applications indicates we are unlikely to see an increase in new home sales reported for August or existing home sales reported for September," says Michael Fratantoni, MBA's vice president of research and economics.

Refinance applications increased 2.8 percent last week compared to the previous week and are at their highest level since May 1, 2009.

Here's a look at performances of mortgage rates:

• 30-year fixed-rate mortgages decreased to 4.43 percent from 4.55 percent.
• 15-year fixed-rate mortgages decreased to 3.88 percent from 3.91 percent.
• 1-year ARMs increased to 6.95 percent from 6.84 percent.

Source: Mortgage Bankers Association (09/01/2010)