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Mortgage applications decrease 5 percent

Mortgage applications recently decreased by 5 percent.

Mortgage applications recently decreased by 5 percent.

According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending in January 20, mortgage applications decreased 5 percent from the previous week.

The Market Composite Index decreased 5 percent on a seasonally adjusted basis and 13.8 percent on an unadjusted basis from the previous week. The Refinance Index also went down 5.2 percent when compared with numbers from the previous week.

The index had increased more than 20 percent recently but fell despite a positive attitude beginning to emerge from homebuilders.

Interest rates for mortgages increased by a significant number in the week, led by 15-year fixed-rate mortgages, which had rates increase 3.4 percent.

According to the Federal Housing Finance Agency's monthly House Price Index, homes in the United States saw prices rise 1 percent on a seasonally adjusted basis from October to November.

With so many Americans struggling with financial problems, a relocation cost might appear more unaffordable after reports of housing prices rising.