Mortgage Applications Fall

NationalMortgageNews tells MHProNews according to the Bankers Mortgage Association applications fell 12 percent for the week ending Oct. 19, 2012. Mortgage apps fell 4.2 percent the previous week, according to the trade group’s market composite index, which covers some 75 percent of residential retail lenders. Refinancings as a total of new business fell one percent from the previous week to 81 percent. Interest rate for a 30-year fixed-rate mortgage (FRM) rose to 3.63 percent from 3.57 percent. The rate for 30-year jumbo FRMs increased from 3.81 percent to 3.85 percent.

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