Loan requests for home purchases increased 3.3 percent last week, the Mortgage Bankers Association reported in its weekly report.
However, the increase in loan applications for purchase was offset by a decrease in applications for refinancing. As such, MBA’s index for mortgage application activity -- which includes refinancing and home purchase demand -- dropped 2.1 percent for the week ending July 6.
Refinancing applications, which make up the biggest bulk of loan applications, dropped 3.4 percent last week.
Source: “Mortgage Applications Fell Last Week: MBA,” Reuters (July 11, 2012)
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