NEW YORK — Mortgage applications tumbled to their lowest level in nearly a year as a six-week-long rise in interest rates took a significant toll on demand, an industry group said on Wednesday.
The Mortgage Bankers Association on Wednesday said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended December 17 decreased 18.6 percent, reaching its lowest level since the week ended January 1.
The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was down 9.8 percent.
The drop in demand last week was largely a reflection of the lack of interest by homeowners to refinance their existing home loans.
The MBA's seasonally adjusted index of refinancing applications decreased 24.6 percent, reaching its lowest level since the week ended April 30. ............(more)
The complete piece is at:
http://www.comcast.net/articles/finance/20101222/BUSINESS-US-USA-ECONOMY-MORTGAGES/
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