Mortgage Applications Fell Last Week

NEW YORK — Applications for mortgages slipped last week, as a drop in refinance activity offset a gain in purchase applications.

The Mortgage Bankers Association said Wednesday that overall applications for loans fell 0.9 percent from the previous week.

Refinance applications slid 1.4 percent the fourth straight week, while purchase applications rose 1.8 percent from the previous week.

The average rate for a 30-year fixed loan rose to 4.66 from 4.56 percent from a week earlier, the group's survey showed. Rates on the 15-year fixed-rate mortgage, a common refinancing option, increased to 3.98 percent from 3.91 percent.

Mortgage rates have ticked up in the last four weeks as investors took money out of Treasurys. The sell-off has been fueled by a variety of reasons, from stronger economic reports to the White House's recent tax-cut proposal, which would deepen budget deficits. That has increased their yields, which mortgage rates tend to track.

Before that, mortgage rates had been at or near their lowest levels in decades since spring.

The Mortgage Bankers Association's survey covers more than 50 percent of all applications nationwide.

Comments

[georges kfoury]

12:53 PM on 01/07/2011

Mortgage industry after April of 2011
I believe the answer to that, would be for the mortgage brokers and mortgage bankers to give more then what the big banks are giving to the public and to the real estate industry. It's a simple philosophy give and you will get much more in return. for 2011 strategy and the execution of our strategy will begin in January 15th of 2011. Our strategy will create opportunities for real estate agents to have more business and develop for them a strategy for continuous growth in return to have a massive bonding strategy between the real estate agents in our market with our loan officers in exchange for the value that is provided by the services and the strategies we bring to our industry. All we would like to ask for the loan officers, the mortgage brokers and mortgage bankers that are in the industry and they are facing some financial trouble or facing frustration of growth and development for their office or
Our formula for success in 2011 is the way of conquering markets, it's the new way to conquer this industry lets come together and turn this industry to our benefit and show the banks how hard it is going to be for them when we are taking their business away, and how much this industry is in a need for our breed of professionals.
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