U.S. MBA's Mortgage Applications Index Fell 8.8%

Mortgage applications in the U.S. declined last week, led by a slump in refinancing as borrowing costs surged.

The Mortgage Bankers Association's index of applications to purchase a home or refinance a loan fell 8.8 percent to 507.9 from 557.1 the prior week. The index reached a six-year low of 502.3 last month. The group's purchase index decreased 4.4 percent and its refinancing gauge lost 15 percent.

Prospective buyers are holding off as rising foreclosures add to the glut of properties on the market and force home values down even more. Sales will probably remain depressed as lenders restrict credit, and concern over inflation boosts mortgage rates.

Read Full Article from Bloomberg

- Posted: 2008-06-18 08:47:55

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