U.S. MBA Mortgage Applications Index Fell 16 Percent Last Week

Mortgage applications in the U.S. dropped last week as the biggest jump in mortgage rates in seven months pushed down refinancing.

The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 16 percent to 658.7 in the week ended May 29, from 786 the week before. The group’s refinancing gauge plunged 24 percent, while the purchase measure increased 4.3 percent.

An improving economic outlook in recent weeks has pushed up borrowing costs and caused homeowners to shy away from refinancing. At the same time, prices are still declining and borrowing costs are below year-earlier levels, making housing more affordable to some prospective buyers and helping to stabilize the market.

Read Full Article from Bloomberg

- Posted: 2009-06-03 09:22:07

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