US Sees Second Lowest Level Of Mortgage Applications For Year

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According to a recent report mortgage application levels in the United States fell to the second lowest level for the whole of 2008 for the week ending May 16th. This came as interest rates rose, with figures reported from the Mortgage Bankers Association.

The index of mortgage applications from the MBA fell by 7.8 percent to 621.6 for the week ending May 16th. The lowest level for the year was for weekend ending April 25th, when the index fell to the year low level of 567.

Refinancing application levels also fell by 8.7 percent for the week, taking the figure from 2422.1 for the previous week to 2210.5. Later this week the National Association of Realtors is set to provide figures on existing home sales.

A Lehman’s Brothers economist recently stated: “Although the direction has been the same, the decline in mortgage applications has been considerably smaller than the decline in home sales. This could be because the MBA counts all applications in the survey — even those that have been rejected.”

 

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