Mortgage Applications, Refinancings Dip(December 15, 2005)
-- Applications for home loans slipped 5.7 percent during the week ended Dec. 9, reports the Mortgage Bankers Association.
Refinancing requests declined 9.7 percent last week, while applications for purchase loans fell 3.5 percent.
Rising mortgage rates are to blame, with interest on a 30-year loan now comfortably above 6 percent.
Source: Investor's Business Daily (12/15/05)
My own note: I always get a kick out of these types of statistics. Stating that applications were down a certain percentage doesn't mean much unless the aricle tells the reader what the comparison is. For example, if the applications declined from the prior week, not only have there been rate increases, but it's also winter, and the holiday season is in full force. Seasonality undoubtedly affects the real estate & lending industries.
On the other hand, if the comparison is regarding last year's figures, that is a legitimate point.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment