Mortgage Rates Drop Slightly but Loan Applications Way Down from 2007 Levels
August 27, 2008 – 6:33 amMortgage interest rates broke through the gridlock of
the last few weeks and, with the exception of one-year adjustable rates,
moved lower.
Mortgage activity as measured by the volume of loan
applications increased by a marginal 0.5 percent on a seasonally
adjusted basis from a week earlier and decreased by 0.9 percent
unadjusted. Volume was down 31.2 percent compared to the same week in
2007.