Mortgage Applications Plunge To 12-Year Low

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This could be the next shoe beginning to drop in the home market

Reuters: U.S. mortgage applications fell last week, with demand for home purchase loans dropping to a 12-year low even as interest rates on 30-year loans fell to their lowest level in six months, data from an industry group showed on Wednesday.

Home purchase loan demand fell for a sixth straight week, a trend that does not bode well for the U.S. housing market, which has been showing signs of stabilisation after a three-year slump.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, decreased 2.5 per cent to 611.7 for the week ended Nov. 13.

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