According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage loan applications slowed last week from one week earlier. The decline follows four straight weeks of increasing demand from buyers. Mike Fratantoni, MBA’s senior vice president and chief economist, says this time of year typically sees more activity. “Spring has arrived, but the housing market is missing the customary burst in listings and purchase activity that typically mark the season,” Fratantoni said. “After four weeks of increasing purchase activity, volume declined a bit this week even with another small drop in mortgage rates.” Average rates were down, though only for 5/1 ARMs and 30-year fixed-rate loans with conforming balances. Jumbo loans and 15-year fixed-rate loans both saw increases, while loans backed by the Federal Housing Administration were unchanged from one week earlier. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. (source)
