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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	4/21/2004 10:53:23 AM
From: ild	Read Replies (1) of 110194

Refinancing demand falls another 11% Demand for home loans down for the fifth straight week as rates hit their highest levels of 2004. April 21, 2004: 7:10 AM EDT NEW YORK (Reuters) - New U.S. mortgage applications fell last week for the fifth consecutive week on a drop in refinancing requests, as mortgage rates climbed to their highest levels so far in 2004, an industry trade group said Wednesday. The Mortgage Bankers Association said its seasonally adjusted market index, a measure of weekly mortgage activity, fell for the week ending April 16 by 5.6 percent to 744.5 from the previous week's 788.6. The market index fell for a fifth straight week. Average 30-year mortgage rates, excluding fees, rose by 7 basis points to 5.84 percent. Last week's average 30-year rates were up 17 basis points from the comparable week a year ago. Loan demand, especially to refinance, has fallen in response to a sharp rise in mortgage rates in early April. The Washington trade group's refinancing index fell by 10.9 percent to 2,550.3 from previous week's 2,861.6. The refinancing index is half the recent peak set a month ago. The group's purchase index, a gauge of new loan requests for home purchases, however, edged up by 0.4 percent to 434.1 from 432.2 in the prior week.

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