Mortgage applications dropped for the 3rd consecutive week according to the Mortgage Bankers Association’s weekly survey of applications. Mortgage applications dropped by 19.2% during the week ending February 22. Refinance applications declined by 30%, which appears to highlight the difficulties homeowners are experiencing due to falling home prices and tighter mortgage lending standards.

Homeowners who are having problems refinancing adjustable rate mortgage (ARM) loans may face increasing interest rates and mortgage payments. Homeowners experiencing hardship due to their inability to refinance their home loans should contact their mortgage lenders to discuss possible alternatives.

Tags: interest, interest rates, lenders, mortgage, mortgage rates, mortgage refinance, refinancing

This entry was posted on Wednesday, February 27th, 2008 at 11:11 am and is filed under Daily Pick. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.