Mortgage Applications for the current week fall

Written June 3, 2009 at 7:30 AM EST by  

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The mortgage applications fell 16.2% for the current week.  The refinancings fell 24.1% which is indicative of the higher rates for mortgages – up to 5.25% from 4.81%.   It is likely that since rates were low for quite some time, most who could qualify for lower mortgage rates, did so.  As a result the benefit has likely been realized. 

The good news is the purchase index gained by 4.3% which is good news for supply. 

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Overall, although the number is shocking from a percentage decrease perspective, the report is a positive .

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