| PRESSÂ RELEASE
Weekly Mortgage Market Index Falls as Family Focus Shifts to School DALLAS — (Aug. 13, 2012) The U.S. Mortgage Market Index from Mortech Inc. and Mortgage Daily fell again this week, indicating a dropping demand on the part of consumers for home financing and mortgage refinance. The index for the week ended Aug. 10 fell to 212 from the previous week’s 228, a drop of over 7 percent. So far this year, the index is down from its high of near 250. “The index continues to fall, but we caution originators from jumping to the conclusion that the market overall is falling,” said Don Kracl, president of Mortech. “There are seasonal factors at work here. Lenders who do a good job of cultivating solid leads and then following through to close those loans will not be adversely impacted by a market described by a 212 MMI.” Analysts at Mortech contribute the drop, in part, to the end of the summer moving season, when families are more focused on returning their children to school than moving to a new home. That wouldn’t be a likely impact for refinances, the company said. The majority of the new business originators booked this week was refinance loans. A slight rise in interest rates may have been the primary factor there. |
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Full Mortgage Market Index Report
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About Mortech, Inc. CONTACT: Source:Â MortgageDaily.com |
