Mortgage application volume dropped by 7.8% last week, according to the Mortgage Bankers Association, sending the trade group’s application index to 621. Refinance volumes are down 8.7% and purchase applicationas are down 6.9%, demonstrating further softness in the housing market. AP:
The index peaked at 1,856.7 during the week ending May 30, 2003, at the height of the housing boom. An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 621.6 means mortgage application activity is 6.216 times higher than it was when the MBA began tracking the data. The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 per cent of all residential retail mortgage originations each week.
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