Mortgage Applications Plummet To Nine-Year Low

Even the promise of a future extension of the homebuyer tax credit isn’t helping:

Bloomberg: Mortgage applications to purchase homes in the U.S. plunged last week to the lowest level in almost nine years as Americans waited for the outcome of deliberations to extend a government tax credit.

The Mortgage Bankers Association’s index of applications to buy a house dropped 12 per cent in the week ended Nov. 6 to 220.9, the lowest level since Dec. 2000. The group’s refinancing gauge rose 11 per cent as interest rates decreased, pushing the overall index up 3.2 per cent.

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