Mortgage interest rates are still at crazy cheap record lows. The bad news is that even at the incredible lows, mortgage applications around the nation were down. This indicates that future home sales were also be down, and that a large percentage of candidates for mortgage refinances, are have all ready done so, or cannot qualify for home loans. Here is the latest from the Mortgage Bankers Association:
Mortgage applications declined 1.2 percent last week compared to the previous week on an adjusted basis, according the Mortgage Bankers Association weekly survey.
On an unadjusted basis, purchased applications declined 2.3 percent and they were 36.8 percent lower than they were the same week a year ago.
The decline in purchase applications was driven by a 4.4 percent decrease in applications for government-backed mortgages, according to the MBA. Conventional purchase applications actually increased 1 percent.
Most mortgage rates were at their lowest point since mid-May:
* 30-year fixed-rate mortgages decreased to 4.75 percent from 4.82 percent.
* 15-year fixed-rate mortgages decreased to 4.19 percent from 4.23 percent.
* 1-year ARMs decreased to 7.05 percent from 7.07 percent.
Source: Mortgage Bankers Association (06/23/2010)
via REALTOR® Magazine-Daily News-Mortgage Applications Decline.
These are national averages and I’m not sure how Utah Real Estate numbers compare.
