Applications for mortgages–both for new homes and refinancing–at big U.S. banks dipped 3.9% last week compared with the previous week. The applications were down 1.6% year-over-year.

ARMS made up only 24.5% of last week’s applications, their smallest percentage in three years. The average interest rate for ARMs slipped from 5.88% to 5.87%.

Applications for loans to buy a home rose 1.3% over the last week, but are down roughly 14.6% from last year. Applications for loans to refinance existing loans sank 9.6% in the past week, but are up about 18% from the previous year.

[tags]real estate, real estate market, mortgages, home loans, ARMs, refinance, refinancing[/tags]

This entry was posted on Thursday, November 30th, 2006 at 6:49 pm and is filed under Real Estate Agents.