Skip navigation
Watchlist Sponsored By :

Current DateTime: 08:58:53 04 Jul 2009
LinksList Documentid: 24355697
  • Collection of Michael Jackson

      Earlier this year, Jackson sought to auction his personal items. Although it never came through, here's a look at what was almost sold.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.

  • How Much For A T-Bone Steak?

      From the cost of a T-bone steak to a monthly phone bill, the price for everyday items can vary dramatically across the country.


Current DateTime: 08:59:29 04 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

U.S. Mortgage Applications Fell Last Week
By: Reuters | 30 May 2007 | 07:18 AM ET
Text Size

U.S. mortgage applications fell last week, weighed down by a plunge in demand for home
refinancing as interest rates reached seven-month highs, an industry group said Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ended May 25 dropped 7.3% to 636.4.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.32 percent, up 0.09 percentage point from the previous week and its highest since the week ended Oct. 20, when it stood at 6.36%.

Interest rates, however, were well below year-ago levels of 6.66%.

The group's seasonally adjusted index of refinancing applications dropped 13% to 1,874.6., the lowest since January, when it touched 1,848.8.

The refinance share of mortgage activity decreased to 39.7% of total applications from 42.3 percent the previous week.

The average contract rate for 15-year mortgages also increased, rising to 6.05% from 5.96%.

The adjustable-rate mortgage activity decreased to 17.7% of total applications from 18.1% the previous week.

The MBA's seasonally adjusted purchase index fell 2.5% to 427.0. The index, however, was above its year-ago level of 395.5. The purchase index is considered a timely gauge of U.S. home sales.

Copyright 2009 Reuters. Click for restrictions.
Tools:
Print EmailAdd This share icon


Current DateTime: 01:05:22 04 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 01:05:56 04 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 01:06:39 04 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:06:39 04 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters