Reply #15: Mortgage applications fall despite rates [View All]

[UpInArms]

http://today.reuters.com/investing/FinanceArticle.aspx?type=businessNews&storyID=2005-08-31T112323Z_01_DIT139625_RTRIDST_0_BUSINESS-ECONOMY-MORTGAGES-DC.XML

NEW YORK (Reuters) - Applications for U.S. home mortgages fell for the second consecutive week despite a steady decline in fixed mortgage interest rates in August, an industry group's figures showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications -- which includes both purchase and refinancing loans -- fell 4.5 percent to 722.5 in the week ended August 26. In the previous week, the index fell 0.7 percent.

The MBA's seasonally adjusted purchase index dropped 3.6 percent to 470.6, adding to the previous week's 2.2 percent loss.

The MBA's seasonally adjusted refinancing index fell 5.4 percent to 2,187.8, more than erasing the previous week's 1.2 percent gain.

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