Wednesday, November 22, 2006
U.S. mortgage applications decrease last week
NEW YORK, Nov 22 (Reuters) - U.S. mortgage applications fell for the first time in three weeks despite a dip in mortgage rates to their lowest level since January, an industry trade group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Nov. 17 decreased 3.7 percent to 623.6 from the previous week's 647.5.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.13 percent, down 0.02 percentage point from the previous week, and well below a four-year high of 6.86 percent touched in June. Interest rates were also below year-ago levels of 6.26 percent.
click on headline for the rest of the story
As predicted applications turned the corner. And like wise as predicted the market is forgiving today. Toll Brother up nearly 2%. Next Wendsday is the day the blood will be shed.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended Nov. 17 decreased 3.7 percent to 623.6 from the previous week's 647.5.
Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.13 percent, down 0.02 percentage point from the previous week, and well below a four-year high of 6.86 percent touched in June. Interest rates were also below year-ago levels of 6.26 percent.
click on headline for the rest of the story
As predicted applications turned the corner. And like wise as predicted the market is forgiving today. Toll Brother up nearly 2%. Next Wendsday is the day the blood will be shed.
Subscribe to Posts [Atom]