Loan Applications Barely Budge as Mortgage Rates Hit New Low

 

Courtesy of Mortgage News Daily

Mortgage Bankers Association released its Weekly Mortgage Applications Survey for the week ending August 6, 2010.

The Market Composite Index, a measure of mortgage loan application volume, increased 0.6 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 0.4 percent compared with the previous week.  The four week moving average for the seasonally adjusted Market Index is up 1.2 percent.

Refinance Index increased 0.6 percent from the previous week.  The four week moving average is up 1 percent for the Refinance Index. The refinance share of mortgage activity increased to 78.1 percent of total applications from 78 percent the previous week. This reflects how difficult it is for potential home owners to secure funding, which affects the opportunities to do landscape improvements.

– Courtesy of Mortgage News Daily