Applications for both new and refinanced mortgage loans continueto drop, according to the MortgageBankers Association.
|The association's weekly Mortgage Applications Survey for theweek ending Sept. 6, which included an adjustment for the Labor Dayholiday, found that overall applications for housing finance loansdecreased 13.5% on a seasonally adjusted basis from one weekearlier.
|When not adjusted, application volume decreased 23% comparedwith the previous week, the MBA reported.
|The weekly survey covers roughly 75% of mortgage applicationsmade, the association said.
|The volume of refinance housing finance loan applicationsdropped even more sharply, moving down 20% from the previous week.An index the MBA uses to track refinance applications has plunged71% from its peak in the week of May 3 and stands at its lowestlevel since June 2009, the association added.
|The MBA also reported that applications to refinance existing housing finance loans movedfrom 61% of the total mortgage applications in the previous week to57% in the week ending Sept. 3, the lowest percentage since April2010.
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