Mortgage Demand, Interest rates, Business News, Economy, Obama News
From: http://www.reuters.com
U.S. home loan demand cooled last week as rising mortgage rates curbed refinancing requests that had soared to a 14-month high, the Mortgage Bankers Association said on Wednesday.
Loan requests to buy homes rose for the second straight week to the highest level since the end of June, but hovered just above 13-year lows. Refinancing still represents nearly 8 out of every 10 mortgage applications.
Many consumers doubt that job market improvement is around the bend, and lending standards remain tight, putting home buying out of reach even with borrowing costs near record lows.
The industry group’s mortgage market index fell by a seasonally adjusted 4.4 percent in the week ended July 23. A 5.9 percent refinancing applications drop overshadowed a 2.0 percent rise in home purchase loan demand.
Average 30-year mortgage rates climbed to 4.69 percent, up 0.10 percentage point in the week from the lowest level since the group starting tracking rates weekly in 1990.
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