Higher and Lower

According to the Mortgage Bankers Association, despite a third consecutive week of lower interest rates, mortgage applications have declined and are now at the lowest level since November 2003.

With rates down refinance applications increased to 37 percent of all mortgage applications. This is an increase from 36.5 percent the week before.

In other news both Placer and Sacramento counties both saw mortgage default notices double during the second quarter. Statewide there were 20,752 default notices sent during the period April – June which is a 10.5 percent increase over the January – March time period. For more details see the story, California Foreclosure Activity Hits Three-Year High on the DataQuick web site.