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by CareyBot

Declining interest rates weren't enough to inspire home purchases or refinancings last week, the Mortgage Bankers Association reported today, as loan applications were down again. The market composite index, which measures total home loan volume, fell 3.9 percent on a seasonally adjusted basis from the week before. Home purchases saw the steepest drop-off in activity, as the purchase index sank 4.9 percent from the week before, following a 3 percent decline at mid-month. The index that tracks refinancings was down 2.5 percent last week, following a 4.2 percent drop two weeks ago. The large decrease in purchase loans boosted the refinance share of mortgage applications to 38.7 percent last week and hiked the adjustable-rate mortgage (ARM) share to 20.4 percent. Borrowing costs were ...