Mortgage Applications Drop on Weaker Demand for Refinancing
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Sep 15th 2010 9:10AM
Updated Sep 15th 2010 9:14AM
The number of applications for mortgage loans fell last week as demand for refinancing loans weakened.
The total loan applications index fell 8.9% on a seasonally adjusted basis from a week earlier, with applications for refinancing loans slipping 10.8%, the Mortgage Bankers Association said. These figures include an adjustment to account for the Labor Day holiday.
Applications for loans for to buy homes fell 0.4% from a week earlier.
The average contract interest rate for 30-year fixed-rate mortgages fell to 4.47% from 4.5%. The average contract interest rate for 15-year fixed-rate mortgages fell to 3.96% from 4%.
The total loan applications index fell 8.9% on a seasonally adjusted basis from a week earlier, with applications for refinancing loans slipping 10.8%, the Mortgage Bankers Association said. These figures include an adjustment to account for the Labor Day holiday.
The average contract interest rate for 30-year fixed-rate mortgages fell to 4.47% from 4.5%. The average contract interest rate for 15-year fixed-rate mortgages fell to 3.96% from 4%.
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