US Mortgage Application Volume Plunged 12% Last Week

The volume of mortgage applications filed in the U.S. last week slumped a seasonally adjusted 12% from the previous week, the Mortgage Bankers Association reported Wednesday, as the refinancing surge ran out of steam and the index for home purchases hit another fresh 13-year low.

Refinance activity plunged 14% on the week, according to the MBA's weekly survey, which covers more than half of all U.S. retail residential mortgage applications. Purchasing fell 5.7% in the week.

Michael Fratantoni, MBA's vice president of research and economics, said refinance applications dropped for the first time in a month despite historically low rates because those who qualify for refinancing have already done so. Many homeowners can't refinance because they remain underwater on their mortgages, have uncertain job prospects or have damaged credit following the downturn, he said.

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- Posted: 2010-06-09 10:36:31

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