Residential Mortgage Apps Drop

In research that covers 75 percent of all residential mortgage applications, the Mortgage Bankers Association (MBA) reported applications fell 4.3 percent for the week ending Aug. 24. Meanwhile, nationalmortgagenews tells MHProNews refinancings accounted for 79 percent of all applications, as compared to 80 percent the previous week and 81 percent the week before that. Lenders signed $410 billion in residential loans Q2 of this year, and are on track to fund a similar amount for this the third quarter. The 30-year conventional fixed-rate loans dropped from 3.86 percent to 3.80 percent last week.

(Image credit: bankrate)

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