Mortgage Applications Fell 15.3 Percent Last Week: MBA

MarketWatch (06/04/08); Hoak, Amy
The Mortgage Bankers Association reports a seasonally adjusted decline in home-loan applications of 15.3 percent during the week ended May 30 from the prior week, with refinancing and purchase volume down 25.7 percent and 5.4 percent, respectively. Over the same time span, demand for refinancing accounted for 40.6 percent of all applications compared to 46.1 percent the week before. Of these, 8.7 percent were for adjustable-rate mortgages, versus 9.3 percent a week earlier. Year-over-year, mortgage applications were off 20.3 percent.