WASHINGTON -- Mortgage applications in the United States dropped last week by the most in more than a year, as home purchasing and refinancing slumped.
The Mortgage Bankers Association’s (MBA) index declined 12.3 percent in the period ended Dec. 14 from the prior week, the biggest decrease since October 2011, the group said Wednesday.
The MBS’s refinancing gauge fell 13.8 percent, while its purchasing measure decreased 4.8 percent.
The average rate on a 30-year fixed mortgage rose to 3.5 percent from the 3.47 percent rate the prior week -- that was the lowest in records dating to 1990.
Borrowing costs on a 15-year fixed loan fell to a record-low 2.83 percent from 2.85 percent the prior week.
The share of applicants seeking to refinance a loan decreased to 83.1 percent from 84 percent the previous week.
Comments are moderated by SDDT, in accordance with the SDDT Comment Policy, and may not appear on this commentary until they have been reviewed and deemed appropriate for posting. Also, due to the volume of comments we receive, not all comments will be posted.
SDDT Comment Policy: SDDT encourages you to add a comment to this discussion. You may not post any unlawful, threatening, defamatory, obscene, pornographic or other material that would violate the law. All comments should be relevant to the topic and remain respectful of other authors and commenters. You are solely responsible for your own comments, the consequences of posting those comments, and the consequences of any reliance by you on the comments of others. By submitting your comment, you hereby give SDDT the right, but not the obligation, to post, air, edit, exhibit, telecast, cablecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comment(s) and accompanying personal identifying and other information you provide via all forms of media now known or hereafter devised, worldwide, in perpetuity. SDDT Privacy Statement.
All contents herein copyright San Diego Source ® 1994-2016