Mortgage apps tumble, refis drop to lowest since late March | Pound Ridge Real Estate

Mortgage applications tumbled this week as refinancing and purchase applications continued their downward trend.

Application volume fell 9.8% from one week earlier for the week ending May 17, according to the Mortgage Bankers Association.

Also posting significant drops, the refinance Index decreased 12% from the previous week and the seasonally adjusted purchase index dropped 3% from one week earlier, the industry trade group said.

“Mortgage rates increased to their highest level since March last week, leading to the largest single week drop in refinance applications this year,” said Mike Fratantoni, MBA’s vice president of research and economics.

He added, “The refinance index has fallen almost 19% over the past two weeks and is back to its lowest level since late March. Purchase activity declined over the week but is still running about 10% above last year’s pace at this time.”

The refinance share of overall mortgage activity slightly fell to 74% of total applications.

Meanwhile, the adjustable-rate mortgage share of activity inched up to 5% of all mortgage applications.

The average 30-year, fixed-rate mortgage with a conforming loan balance continued to escalate, rising to 3.78% from 3.67%


Bedford New York Real Estate | Bedford NY Homes by Robert Paul Realtor » Blog Archive » Mortgage apps tumble, refis drop to lowest since late March | Pound Ridge Real Estate.

About robertpaulrealtor 914-325-5758

Realtor in Bedford NY specializing in marketing and selling luxury homes and finding the perfect homes for new buyers. Working in Armonk, Katonah, Pound Ridge, Lewisboro, Chappaqua and North Salem. 914-325-5758
This entry was posted in Pound Ridge NY Real Estate Report and tagged , , , , , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s