Mortgage activity drops by 12%
The traditional summer lull, buyer concern over the state of the economy and further potential house price falls saw mortgage activity drop 12% in August 2010 compared to July 2010, with purchase mortgage applications falling by 10.8% and remortgage applications dropping by 15.3%.
Mortgage rates dropped below 4% on the 30-year fixed rate loan, driven primarily by jitters in world financial markets.