Mortgage Application Volumes Down 7.8 Percent

By:: MortgageLoan.com | May 22, 2008

According to data from the Mortgage Bankers' Association (MBA), weekly mortgage applications fell by 7.8 percent in the week ending May 16 and by 9.4 percent on the same time last year.

Three major indexes - the refinance, purchase, conventional purchase and government purchase indexes all experienced declines last week.

Refinancing activity fell 8.7 percent to 2210.5 from 2422.1, Purchase Index dropped nearly 7 percent to 352.5 from 378.8, conventional purchase index lost 6.8 percent while the government purchase index dropped 7.0 percent.

The average rate for traditional, 30-year fixed rate mortgages fell to 5.82 percent from 5.91 percent.

The MBA index is derived from a survey of major lenders representing about half of the U.S mortgages made each week and does not include loans made by non-bank lenders.

Start here to compare mortgage rates from top lenders in our network

Call For Rates

800-419-1494

Speak to a lender now.

We will match calls to our toll free number with our network of lenders.

See Today's Rates

National Rates

Loan Type	Today	+/-
30 yr fixed	3.80
15 yr fixed	3.10
5/1 ARM	2.73

Rates may contain points

Compare Rates »

Browse Mortgage Rates

Featured Guides

Browse our comprehensive guides to popular topics related to mortgage and personal finance.

Mortgage Calculators

Mortgage Loan Directory and Information, Inc or Mortgageloan.com does not offer loans or mortgages. Mortgageloan.com is not a lender or a mortgage broker. Mortgageloan.com is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through representatives or agents. We do not engage in direct marketing by phone or email towards consumers. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.

Mortgageloan.com is a news and information service providing editorial content and directory information in the field of mortgages and loans. Mortgageloan.com is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers.