Slowdown in new US mortgages

There are still signs of trouble coming from the American mortgage market, which is where the crisis that is still shaking developed economies started more than three years ago. The Mortgage Bankers' Association activity index last week recorded a 4% increase in activity. A figure that should be archived among the encouraging ones if it didn't hide above all a surge in refinancing of existing mortgages rather than the opening of new ones. In fact, the former recorded growth of 8%, while the latter contracted by more than 9%. Behind the refinancing is the lowering of 30-year fixed rates, which have gone from an average of 4,37% to 4,32%. While behind the slowdown in new questions there is undoubtedly the wave of uncertainty caused in recent weeks by the fall of the Stock Exchanges. In the week ending August 12, refinancing still accounted for 78,8% of the total, up from 75,6% in the previous seven days.