Cleaning & Restoration Breaking News

Mortgage Requests Fall to January Low

NEW YORK (Reuters) - New U.S. mortgage applications, particularly refinancings, dropped sharply last week, despite mortgage rates falling for the first time since early March, an industry trade group said on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted market index, a measure of weekly mortgage activity, declined for the week ending May 14 by 11.9 percent to 654.1 from the previous week's 742.2. This was the lowest level since 599.9 touched in the first week of January.

Last week's decline in loan requests for both refinancing and for home purchases, however, is not big enough to alter economists' view that the housing boom has plenty of steam left.

"There remains more to the housing boom other than low mortgage rates," said Richard DeKaser, chief economist at National City Corp including demographic factors that are fueling demand for homes among first-time buyers as well as retirees.

This also represents the effect of more flexible loan products like hybrid mortgages that facilitate home purchases.

Average 30-year mortgage rates, excluding fees, fell by 11 basis points to 6.21 percent. Last week's average 30-year rates were up 104 basis points from the comparable week a year ago.

Mortgage rates have trended higher since mid-March with rising Treasury yields as data suggested faster U.S. economic growth and growing inflationary pressure. Higher mortgage rates have curtailed refinancing activities, but home sales and construction have yet to show signs of dropping off.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Beginning April 21, Google will start judging websites based on their mobile friendliness. What exactly does this mean to you cleaning website? Find out in the latest edition of The Hitman Advertising Show, which will also cover tips and suggestions on getting mobile compliant.
More Podcasts

ICS Cleaning Specialist Magazine


2015 April

The April ICS issue features content on concrete polishing, green cleaning, air duct cleaning, injection sprayers and new products.

Table Of Contents Subscribe

Janitorial Work

In addition to residential and commercial carpet cleaning, do you do any janitorial work on the side?
View Results Poll Archive


The Carpet Cleaner's Book of Unlimited Success! (ebook)

Don’t worry about the recession or about your competition.  Now you can be the owner of over 400 ways for carpet cleaning professionals to make more money and get more jobs!

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.png


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view