St Louis Mortgage: Home Loan Applications Down
St Louis Mortgage and Real Estate News –
St Louis Principal Reduction and Loan Review: Mortgage Apps Are Down
St Louis Home Mortgage and Commercial Loans | Principal Reduction
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending
Data from the Mortgage Banker's Association shows home mortgage applications slumped last week as interest rates on 15- and 30-year fixed-rate mortgages rose for the first time in six weeks. Seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended October 15 decreased 10.5 percent. The four-week moving average of mortgage applications, which smooths the volatile weekly figures, was up 0.4 percent. Demand for home refinancing loans fell for the sixth time in seven weeks according to St Louis mortgage experts. The MBA's seasonally adjusted index of refinancing applications decreased 11.2 percent. The MBA's seasonally adjusted purchase index, a tentative early indicator of home sales, decreased 6.7 percent. Mark Vitner, senior economist at Wells Fargo Securities in Charlotte, North Carolina, said the drop in demand is a reflection of the inability of many homeowners to take advantage of record low interest rates. "Tight lending standards are preventing many homeowners from home loan refinancing," he said. Vitner continues: "Low credit scores and high unemployment are also playing a big role." Vitner said "underwater" mortgages which is where the amount owed on the mortgage exceeds the value of the home is one of the biggest banes of the homeowners. This negative equity makes many of them unqualified for home loan refinancing and prevents some from selling. ==================================================
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