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US mortgage approvals bounce, ADP data worse

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Date: Wednesday 02 Jul 2008

LONDON (ShareCast) - US mortgage approvals rallied a little from a six year low seen last week as lower interest rates encouraged some activity.

The Mortgage Bankers Association's seasonally adjusted application index rose 3.6% to 477.7 in the week ended June 27. Economists pointed to the dip in interest rates as a reason for uptick.

On a 30-year fixed mortgage, rates fell from a 10-month high to 6.33%. The average interest rate for 15-year fixed-rate mortgages fell to 5.9% from 5.95%.
Refinance volume increased 4.7% during the week, while purchase volume increased 2.8%. The index peaked at 1,856.7 in May 2003.

Elsewhere, the keenly watched ADP monthly jobs survey showed a fall of 79,000 in June, higher than forecasts with most of the decline in the manufacturing sectors.The official non-farm payroll figures are due tomorrow.


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