Mortgage Applications Continue To Fall

Mortgage applications fell 1.8% in the week ending November 9. This compares with -2.8% the previous week, which was revised up from an earlier estimate of -7%.

The purchase index fell 1%, down from a 5% fall the previous week.

Meanwhile, the refinance index fell 2%, down from an 8% fall the previous week.

The 30-year fixed mortgage rate stood at 4.16%, in the week ending November 7. This is down from a recent two-year high of 4.58%.

Rising mortgage rates have started to trickle into housing data. Markets are also focused on when the Fed will begin to taper its $US85 billion monthly asset purchase program that includes purchases of mortgage backed securities.

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