Fewer and Fewer People are Requesting Loans

One of the first down turns in a market is the number of mortgage applications! But of course with things getting tighter the rental market is looking better and better. Here is an interesting article on lending for more information on Real Estate in Destin Florida Please click here

Mortgage Applications Hit Six-Year Low

Mortgage applications declined last week to the lowest level in more than six years, according to the Mortgage Bankers Association.The application index fell to 419.3 during the week ended Aug. 15, a 1.5 percent decline from 425.9 the previous week on an adjusted basis. Application volume was down 61 percent from its 2008 peak in February.On an unadjusted basis, the index decreased 2.6 percent compared with the previous week and was down 34.2 percent compared with the same week a year ago.The purchase index decreased only 0.4 percent from the previous week, but the refinance index was down 3.7 percent, even though mortgage rates declined.30-year fixed-rate mortgages decreased to 6.47 percent from 6.57 percent;15-year fixed-rate mortgages decreased to 5.99 percent from 6.17 percent1-year ARMs decreased to 7.07 percent from 7.15 percent.Source: The Associated Press and Mortgage Bankers Association (08/20/2008)

Destin Florida Condominiums continue to be one of the hottest Investment pieces of property you can buy and in today's market it's even better with more availability and so many short sales to choose from. Look online today to find out more!

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