Mortgage applications fall for sixth-straight week
As mortgage rates have remained near a two-year high, fewer people are trying to refinance their balances.
Greg Bianco/July 24, 2013/Washington Business Journal
The Mortgage Bankers Association reports mortgage applications fell 1.2 percent for the week ending July 19, as refinancing activity remains at the lowest level since July 2011.
There were fewer mortgages for recent purchases, too. The MBA’s Purchase Index fell 2 percent from the prior week, but is still 6-percent higher than this time last year.
Even with borrowing costs rising, consideration for a lower rate through an adjustable-rate mortgage (ARMs) compared to a fixed-rate mortgage is growing. ARMs comprised about 7 percent of all applications in the last week, hovering near a five-year high, the MBA reported.
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