Applications For Florida Mortgages Decline

Applications for home loans dipped 0.2 percent in the past seven days, even as interest rates fell, the Mortgage Bankers Association reported in its weekly Florida mortgage company survey.

Total applications - including for purchases and all Florida mortgage refinancing - fell 0.2 percent week-over-week and were up by about 17 percent compared a year ago.

The number of Florida mortgage refinance applications tumbled 0.5 percent in the past week, after hitting an 18-month high two weeks prior.

Refinance applications are up about 41 percent compared with the same week a year ago. In all mortgage refinancing activity accounted for 45.1 percent of home loan applications.

The volume of mortgage applications to buy a home rose only 0.1 percent. Home purchase loan activity is up by a slight 2 percent compared with a year ago.

By contrast, U.S. home sales are down about 5.5 percent from the same time last year, even as Florida mortgage rates remain so historically low.

Florida mortgage rates inched lower again last week.

The average mortgage rates for a 30-year fixed-rate loan dropped to 6.04 percent from 6.06 percent, while the average rate for a 15-year fixed home loan fell to 5.77 percent from 5.79 percent.

Average mortgage rates for one-year ARMs declined to 5.84 percent from 5.88 percent. ARMs accounted for 20.2 percent of loans, down from 20.9 percent.

SOURCE: MarketWatch