According to the Mortgage Bankers Association (MBA), mortgage applications fell again last week. The applications fell 8.8%.
Mortgage refinancing applications fell by a whopping 12.30% while mortgage purchase applications rose by 2.58%. Here is the Bankrate 30 year fixed-rate average and refinance applications since May 2nd.
On a related issue, homeownership rates in the US fell to 65% from a peak of 69.2% during Q4 2004.