US mortgage applications fall
The number of mortgage applications in the US for the week ending May 8 were down by 3.5 per cent. The latest data from the Mortgage Bankers Association shows that refinancing loan applications fell by an unadjusted 6 per cent and the share of those mortgages fell to 51 per cent from 52 per cent the previous week. ARM activity increased to 6.3 per cent of all mortgage applications while the FHA share fell slightly to 13.8 per cent from 14 per cent the previous week. The effective rate of all contract types increased from the previous week.