News Column

US Mortgage Applications Inch Down With Adjustment for Holiday

Nov 29, 2012

The U.S. mortgage applications last week declined slightly with including an adjustment from the Thanksgiving holiday, said the latest Weekly Mortgage Applications Survey released Wednesday by the U.S. Mortgage Bankers Association (MBA).

The association said that the Market Composite Index of U.S. mortgage applications, a measure of mortgage loan application volume, dipped 0.9 percent in the week ending Nov. 23, 2012 on a seasonally adjusted basis from the previous week.

The Refinance Index fell 2 percent from the previous week, with its share of mortgage activity holding unchanged at 81 percent of total applications. While the seasonally adjusted Purchase Index advanced 3 percent from a week earlier.

The average contract interest rates for 30-year and 15-year both remained steady at 3.36 percent and 2.89 percent, respectively, hovering near the lowest levels in history.

The record low mortgage rates have been playing as an important incentive to house refinancing and buying. With constant modest improvement recently, the U.S. housing crash is said to have reached the bottom. However, many economists hold that the market still needs years to recover entirely as the bottom will be prolonged.

Source: Copyright Xinhua News Agency - CEIS 2012

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