Fewer Americans applying for mortgages, refinancing

Mortgage applications have decreased for two straight weeks, finds the U.S. Mortgage Bankers Association.

Applications fell 4.6% the week ending August 16, 2013 from the week prior, and 4.7% for the week ending August 9 from the week prior.

Read: Home sales steady in July, CMHC lowers housing starts estimate

And fewer people are refinancing their mortgages. The association’s Refinance Index has dropped 62.1% from the recent peak reached during the week of May 3, 2013.

The MBA says its surveys cover more than 75% of U.S. retail residential mortgage applications.

Read:

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.