Mortgage Applications Down, Refinancing Up

by admin

In the continually unpredictable market, mortgage applications fell .04 percent in the beginning of June/end of May, said Housing Wire.

At the end of April, mortgage applications had been up four percent.

Refinancing activity had also been on the rise, with interest rates decreasing in April; refinancing activity for the beginning of June is also up, with an index growth of 1.3 percent.

Refinance share of mortgage activity also went up 1.6 percent, resulting in the highest refinance share the market has seen in four months.

Memorial Day weekend brought low sales, and the industry trade group’s seasonally adjusted purchase index fell 4.4 percent from a week earlier in the week ending June 3.

Mortgage rate data also demonstrates that the 30-year-fixed-rate mortgage is at the lowest contract rate since November 19, 2010, currently marked at 4.54 percent. The 15-year-fixed-rate-mortgage also dropped to 3.67 percent, which is the lowest contract rate since October.

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