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November 23, 2014

Loan Demand Slips in Latest Week

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Loan Demand Slips in Latest Week

Mortgage applications fell for the fourth consecutive week as mortgage rates edged up slightly, the Mortgage Bankers Association reported Wednesday. 

Mortgage application activity, which includes both refinancings and home purchase loans, dropped 0.3 percent in the week ending Nov. 22, according to the MBA’s index. That marks a 7 percent drop in mortgage applications in the past four months. 

Refinancing applications, which make up the biggest bulk of applications, ticked up slightly at 0.1 percent. Purchase applications, viewed as a leading indicator of future home sales, dropped 0.2 percent. 

The MBA reports that the 30-year fixed-rate mortgage rose 2 basis points and averaged 4.48 percent in the latest week. 

The MBA’s index reflects more than 75 percent of U.S. mortgage applications.

Source: “U.S. mortgage applications slip in latest week -MBA,” Reuters (Nov. 27, 2013)

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