6 July 2009
The volume of mortgage applications to buy property in USA in the week ending 26 June recorded its biggest fall since February, according to Mortgage Bankers Association’s (MBA) index.
The number of applications submitted to either buy or remortgage a USA property fell by 19% to 444.8 in that week, down from 548.2 in the previous week.
MBA’s refinancing gauge fell by 30% to the lowest level this year, while the index of purchases dropped 4.5%.
Most Americans have been deterred from remortggaing their homes, given that unemployment levels hit a 26-year high in May, while the cost of borrowing has risen of late.
Data from the National Realtors Association shows that pending home sales rose in April and May, up 6.7% and 0.1%, respectively.
See Also: Marc Da-Silva (269), USA (55), Overseas property investor news (42), Mortgage (25)
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