Categorized | Finance and Mortgage

Mortgage Applications in the United States Drop Yet Again

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According to the most recent data reports, the number of mortgage applications has fallen once again in the United States. Applications for mortgages dropped roughly three percent when compared to the previous week.

Despite the decline in the past week, the number of mortgage applications is actually up in the last four months by just over four percent.

Roughly eighty percent of the mortgage applications during the last week were for refinancing. That number is down from previous weeks.

More people opted for adjustable-rate mortgages during the last week. The number of adjustable-rate mortgage applications jumped three-tenths of a percentage point to just over five and a half percent.

These numbers can likely be attributed to the announcement made by the Federal Reserve that stated that the current rates would likely remain in effect until the end of 2014. Many potential homeowners need not have to worry about rushing to get their applications filed, as the rates will remain the same for some time.

Refinance applications continue to make up a majority of the mortgage applications being processed. Connecticut posted the largest increase in refinance applications. Maine had the largest increase for regular home purchase applications.

Interest rates for 30-year fixed mortgage loans fell yet again to just under four percent. The rate has been under four percent for quite some time, and it is unlikely that it will go above that threshold anytime in the near future. 15-year fixed-rate mortgages declined as well to roughly three and a third percent.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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