Business
Mortgage index declines on week
Washington | May 09, 2008 12:01:13 AM IST
The Mortgage Bankers Association's leading index of mortgage activity fell in the week ending April 25, the association said Wednesday. The Purchase Index dropped 4.8 percent to 340.1, indicating continued erosion of the housing market. The Refinancing Index declined sharply, down 16.7 percent to 1,906.2 from last week's level of 2,286.3, the report said. Refinancing on the week accounted for 45.7 percent off all mortgage activity, a decline from 49.2 percent a week ago. Adjustable rate mortgage dropped as a percentage of overall mortgage activity to 5.8 percent from last week's 6.6 percent, the report said. Economists study mortgage activity as a strong signal which direction the economy is going. Buying a home indicates a broad range of consumer purchases could follow, including purchases of curtains, dishwashers, garden tools and televisions. (UPI)
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