Mortgage rates fall - to 4.78 percent + So do home purchase applications - declined 3.7% + refinance application volume increased 4.90%

[mEDITate-OR:
not see that while having mortgage rates drop back down is good news for housing...
that is not, yet, what is happening.
Those who did refi before they went up, re-applied now.
But, purchases have stalled due, in part, to declining values
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Home purchase applications have fallen in four of the past five weeks

The share of applicants seeking to refinance a loan rose to 72.1 percent last week

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the average rate for a 30 year fixed rate mortgage declined 15 basis point to 4.78% since last week

the purchase application volume declined 3.7%

and the refinance application volume increased 4.90% over the same period

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Mortgage rates fall. So do home purchase applications.
Mortgage rates for 30-year fixed loan declines to 4.78 percent
http://www.csmonitor.com/Business/Paper-Economy/2011/0112/Mortgage-rates-fall.-So-do-home-purchase-applications
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U.S. Mortgage Applications Rise for Second Straight Week on Lower Rates
http://www.bloomberg.com/news/2011-01-12/mortgage-applications-rose-in-u-s-for-second-straight-week.html
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