Mortgage applications drop for purchase

The Mortgage Bankers Association (MBA) says loan application volume increased 0.3 percent on a seasonally adjusted basis for the week ending Dec. 11 from the previous week.  On an unadjusted basis, activity slipped 0.3 percent.

Although applications to refinance mortgages were 0.9 percent higher than the prior week, the purchase volume dipped 0.1 percent on a seasonally adjusted basis.  Unadjusted purchase activity fell 3.6 percent compared with the previous week; it was 15.4 percent lower than the same week one year ago.

The refinance share of mortgage activity increased to 75.2 percent of total applications from 74.4 percent the previous week, reaching the highest refinance share since the end of April. The adjustable-rate mortgage (ARM) share dropped to 4.1 percent from 4.7 percent of the total, the lowest share since mid June.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

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Co-op owners, hang onto your hats and wallets

You’re in for a rough ride.

If you have already received notice of a January maintenance increase, maybe you’re thinking of moving.

Don’t bother: Thanks largely to property taxes, most residents of co-ops and condos in New York City face a punishing boost in their monthly housing costs as early as next month.

If you own an apartment, look at the column labeled "Class 2."

Do the rates depress you?  It gets worse if you go farther back in time: Continue reading