By: Caroline Valetkevitch
June 18, 2014
The jobless recovery continues to reveal deep economic woes. The working class traditionally speaking has always been the backbone of our nation. The backbone is clearly breaking and the results will continue to be less than desired. Most Americans are an apt workforce; they just need real full-time jobs. If only all of us could become high salaried politicians.- Gold Goliath
(Reuters) – Applications for U.S. home mortgages fell sharply last week as interest rates increased, an industry group said on Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 9.2 percent in the week ended June 13.
The MBA’s seasonally adjusted index of refinancing applications dropped 12.7 percent, while the gauge of loan requests for home purchases, a leading indicator of home sales, fell 4.7 percent.
Fixed 30-year mortgage rates averaged 4.36 percent in the week, up 2 basis points from 4.34 percent the week before.
“Interest rates increased relative to the previous week as incoming economic data continues to suggest a pickup in the pace of growth,” said Mike Fratantoni, MBA’s chief economist.
The survey covers over 75 percent of U.S. retail residential mortgage applications, according to MBA.
Gold Goliath is not your typical gold dealer.