Home purchases decline

Home Purchase Applications Decline


The number of applications for mortgages to purchase homes declined 0.4 percent last week compared to the previous week on an adjusted basis, probably because the Labor Day holiday took people’s minds off home shopping.



On an unadjusted basis, the purchase index declined 21.9 percent compared to the previous week and was down 39.7 percent compared to the same week a year ago.



Overall, mortgage applications, including applications to refinance, decreased 8.9 percent on a seasonally adjusted basis compared to the previous week and were down 27.4 percent on an unadjusted basis.



Mortgage rates remained low:



· 30-year fixed-rate mortgages decreased to 4.47 percent from 4.50 percent.

· 15-year fixed-rate mortgages decreased to 3.96 percent from 4 percent.

· 1-year ARMs decreased to 6.89 percent from 7 percent.



Source: Mortgage Bankers Association (09/15/2010)