Mortgage Applications have Decline by 6.3 percent in the past week according to the Mortgage Bankers Association weekly survey. The weekly index fell from 528.9 to 495.4 in one week. Although the index decreased by 6% the sheer number of mortgage loans have increased if compared with just one year ago. The number of mortgage loans is actually up by 16.1 percent compared to last year.
So what does this mean? The market is much more active than it was a year ago and one week with a decrease of 6% is not bad considering the 16 percent increase from one year ago. The drop in the past week is probably due to the decrease in refinancing applications. There was a big boom in the refinance sector for the past few months and that is slowing down so it is sure to reflect in the number of loan applications.
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Vanna Siackhasone, Anchorage Real Estate Specialist, 907-720-4663
