Refinancing make U.S. Mortgage Applications Fall 4% Last Week

Yet another week confirming that the US home mortgage market is  still languishing in the doldrums. Moreover there is no improvement forecast in the short to medium term future.

Refinancing make U.S. Mortgage Applications Fall 4% Last Week

Refinancing make U.S. Mortgage Applications Fall 4% Last Week

Here is more news on the refinancing impact – quote – Bloomberg.Com – “Nobody wants to buy an asset they think will go down in value,” Neil Dutta, an economist at Bank of America Merrill Lynch in New York said before the report. “The only people who can refinance are great credits and you’re only talking about a very small sliver of the market.” – more – The average rate on a 30-year fixed loan decreased last week to 4.58 percent, the lowest since the end of November, from the prior week’s 4.69 percent, today’s report showed. Borrowing costs reached 4.21 percent in October, the lowest since the group’s records began in 1990. – more – The average rate on a 15-year fixed mortgage was unchanged at 3.78 percent.

More on this topic …

http://www.bloomberg.com/news/2011-06-01/u-s-mortgage-applications-fell-4-last-week-on-refinancing.html

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