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US mortgage application index drops 1.5%

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Date: Wednesday 20 Aug 2008

LONDON (ShareCast) - US mortgage applications declined by 1.5% last week despite a drop in interest rates.

The Mortgage Bankers Association's index fell to 419.3 in the week ended 15 August from a seasonally adjusted 425.9 one week earlier.

On an unadjusted basis, the index dropped 2.6% compared with the previous week and was down 34.2% from the same week one year earlier.

The refinance index fell 3.7% to 1034.5 and the seasonally adjusted purchase index fell 0.4% to 314.0 from the previous week.

The refinance share of mortgage activity was down to 34.8% of total applications from 35.2% one week earlier.

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