Mortgage rates are reportedly 6.62 on average this week. This is up 6.59 from last week, proving that there aren't any slows for 30 year fixed mortgages in the prime market. Despite foreclosures rising on sub prime loans, the prime market (or more traditional market) operates under it's own rules. Nevertheless, there was still a decline in mortgage loan applications for new home loans, and refinance loans in the latest week. Reports earlier in the month showed an increase in loan applications, showing that perhaps buyers applied for loans, and are now being serviced.
With heavy media influence, perhaps the recent reports of turmoil in the mortgage industry has discouraged some buyers from seeking mortgages. With an increase in rates, applications may continue to decline throughout September.
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