Mortgage demand keep lower, mortgage industry in United States still gloomy, Weekly applications for U.S. mortgages to buy homes slipped to a six-month low even as interest rates on fixed-rate home loans fell, according to data from an industry group released on Wednesday.
As reported from The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity for home purchases, a leading indicator of housing sales, fell 4 percent in the week ended Aug. 12. It remained 10 percent higher than the comparable week a year earlier. This fell data is reflected mortgage loan is still slower than before
The Mortgage industry data explain The average rate on "conforming" 30-year home mortgages, or loans with balances of $417,000 or less, dipped to 3.64 percent last week from 3.65 percent, the Washington-based group said. The average 30-year rate touched 3.60 percent in the week ended July 8, which was the lowest since May 2013 and not far from the historic low of 3.47 percent struck in December 2012, according to Mortgage Bankers Association data. This data also explains everything about the slower pace of mortgages industry, Weekly mortgage activity on home purchases reached an eight-month peak in early June before a decline since even as 30-year mortgage rates hovered near their lowest in over three years.
Source : Reuters
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