For the second week straight, mortgage applications dropped 4.5%.
According to the Mortgage Bankers Association’s index, mortgage applications dropped from 629.1, during the prior week, to 601 last week, which is a 4.5% decrease.
Government programs have been helping the housing market recover from the worst economic crisis since the 1930’s. The first time home buyer tax credit and low mortgage rates have helped boost the market. The unemployment rate continues to hold a threat of a fast recovery. In October the unemployment rate reached a 26-year high of 10.2 percent. Economists predict the unemployment rate will continue to increase until the middle of 2010.
“The recovery in the housing market will be bumpy, in part because of policy measures,” said Michelle Meyer, an economist at Barclays Capital Inc. in New York.
The report released today showed the mortgage bankers’ refinancing gauge descended to 2818.7 last week.
According to the mortgage bankers group, a 30-year fixed rate loan stood at 4.82 percent last week.
A 15-year fixed home loan rate stood at 4.32 percent last week.
On November 6, President Barack Obama extended the first time home buyer tax credit to April 30, which would have expired on November 30.The tax credit was also extended to home buyers who have owned a home for at least five years.
Tags: home buyers, low mortgage, mortgage, Mortgage Bankers Association, tax credit
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