Friday
October 24, 2014

Loan Demand Eases in Past Week

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Loan Demand Eases in Past Week

Loan demand dropped 7 percent last week as interest rates remained mixed, the Mortgage Bankers Association reports. The MBA’s mortgage application index reflects both applications for refinance and home purchase. 

Demand for refinancings has been falling since mortgage rates began edging up this summer. The refinance index fell 8 percent last week. 

Applications for home purchases -- viewed as a leading indicator for future home sales -- dropped 5 percent last week, the MBA reports. 

Meanwhile, the average 30-year fixed-rate mortgage dropped from 4.33 percent to 4.32 percent last week, the MBA reported. The average on the 15-year fixed-rate mortgage rose slightly from 3.42 percent to 3.44 percent. 

Source: “U.S. Mortgage Application Volume Fell 7% in Latest Week, MBA Says,” The Wall Street Journal (Nov. 6, 2013)

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