Why It Sucks To Be A Home Mortgage Banker

Mortgage application activity declined 14.1 percent in the week ended July 25. The decline was the most severe move in percentage terms since May.

Refinancing applications plunged 22.9 percent and the level of loan requests for home purchases fell 7.8 percent last week

Fixed 30-year mortgage rates averaged 6.46 percent in the week, compared with a one year-high of 6.59 percent in the prior week.

A slowing rate of applications suggests potential homebuyers may be expecting better deals in the future as rising foreclosures and a softening economy nudge home prices lower.

Ironically, home buyers seem to be choosier about home selection at the same time they are relying on distressed properties to get them a good deal.

Sales of existing homes in June also dropped to their slowest pace in 10 years, the National Association of Realtors said last week. Source: Reuters News Service