Mortgage News from Quicken Loans

For the third straight week, mortgage loan applications fell, according to The Mortgage Bankers Association today in their Weekly Mortgage Applications Survey. The Market Composite Index showed applications overall for the week ending April 21 declined 3.7 percent on a seasonally adjusted basis from the previous week. The Purchase Index dipped 4.4 percent and the Refinance Index fell 2.4 percent.

"Long-term interest rates remain in the mid-six percent range, historically still very attractive to anyone applying for a mortgage," said Bob Walters, chief economist of Quicken Loans, the nation's largest online lender which closed $16 billion in home loans in 2005 through QuickenLoans.com. "We'll continue to see homeowners with adjustable rate mortgages however refinance into fixed-rate products."

This article is reprinted by permission from Quicken Loans © 2006 Quicken Loans Inc. All rights reserved.