Mortgage applications off 10% from same time last year

Mortgage applications fell 7.8% this week according to the Mortgage Bankers Association weekly survey.  The application rate is 10% lower than the same week a year ago.  The mortgage application activity tracked by the MBA is holding mostly steady over the past 4 weeks with a .6% declining moving average. From Market Watch on mortgage application activity: Compared with the same week in 2007, applications were down 9.4%, the MBA said. Applications to refinance an existing mortgage decreased 8.7% last week, compared with the previous week. Home-purchase applications declined a seasonally adjusted 6.9% last week. The four-week moving average for all loans was down 0.6%. The share of applications for refinance mortgages was 48.2%, down from 48.7% the previous week. The adjustab