Mortgage Applications Fell Last Week

Home mortgage applications fell for the first time in five weeks as the recent jump in loan refinancing came to a halt.

The Mortgage Bankers Association said today that mortgage applications declined 1.6 percent to 670.6 in the week ending with November 2nd. The end of October hit the highest level since March suggesting that borrowers were trying to refinance the 650 billion dollars in adjustable rate mortgages with rates expected to increase by the end of 2008.

The mortgage applications have been exaggerated the last few months as borrowers have had to put in multiple applications to overcome the tightened lending standards. Of these mortgages 6.16 percent of them were 30 year fixed. This is up 1 basis point from the previous week.

To read more about mortgage applications fall in Nov 2 week head on over to Reuters.