Mortgage activity falls to begin August

Application volume declined to begin August.Activity in the Houston real estate market likely declined?at the beginning of August, as mortgage application dropped.?The total number of applications submitted decreased 4.7 percent in the week ending August 9 from the previous seven-day period, according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey. This dip was fueled by fewer purchase and refinance applications, dropping 4 percent and 5 percent, respectively.?With mortgage rates settling after a few months of increases, activity could begin to pick up again in the coming weeks and months.?Freddie Mac vice president and chief economist Frank Nothaft?said rates were relatively unchanged in the week ending August 8, following the poor July job's report.?”Mortgage rates were relatively unchanged following a mixed employment report for July,” Nothaft said. “Even though the unemployment rate fell to 7.4 percent in July, which was the lowest since December 2008, the economy added only 161,000 jobs, short of the market consensus forecast.”The average 30-year fixed-rate mortgage edged up to 4.4 percent, while 15-year FRMs didn't move from the previous weeks average of 2.84 percent.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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