In economic data, total
mortgage application volume fell 0.2 percent for the week and was 0.8 percent lower than a year ago, according to the Mortgage Bankers Association's seasonally adjusted survey.On Tuesday, U.S. markets finished in the red, with the Dow closing down more than 400 points, while on Wednesday, markets in Europe and Asia were both trading deep in the red.
Total
mortgage application volume barely moved last week, up just 0.7 percent on a seasonally adjusted basis from one week earlier, according to the Mortgage Bankers Association.
By the fourth quarter, the MBA predicts the refinancing share will continue to decline until it accounts for only 40 percent of
home mortgage application volume.
The Mortgage Bankers Association reported that total
mortgage application volume for refinancings and home purchases dropped 1.9 percent on a seasonally adjusted basis compared to the previous week.
Source: «
Mortgage Application Volume Rose 1.7 % Last Week - MBA,» Dow Jones Newswires (May 9, 2012) and «79 % of Refinancing Home Owners Maintain or Reduce Mortgage Debt in First Quarter,» RISMedia (May 9, 2012)
«Following the Federal Reserve's taper announcement,
mortgage application volume dropped again last week, with rates increasing and refinance application volume falling to its lowest level since November 2008,» Mike Fratantoni, MBA's vice president of research and economics, said in a statement.
Total
mortgage application volume fell 3.3 percent last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted report.
Meanwhile,
mortgage application volume hasn't been getting much of a boost from the purchase side.
Total
mortgage application volume, including both home purchases and refinancings, increased 3.1 percent last week from the previous week on a seasonally adjusted basis, the MBA says.
The Mortgage Bankers Association reports that total
mortgage application volume — including for refinancings and home purchases — climbed 7.2 percent last week compared to the previous week on a seasonally adjusted basis.
Total
mortgage application volume — including home purchases and refinancings — dropped 3.3 percent last week compared to the previous week, the Mortgage Bankers Association reported Wednesday.