Mortgage Applications fall 18.1% in the current week

Written April 29, 2009 at 7:44 AM EST by  

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The Mortgage Application index fell by 18.1% this week, largely on the back of refinancings declining by 21.9%.  The purchase index was not that great eiter as it fell by 0.6% for the current week.  This is up from a 4.2% decline last week.  Nevertheless, the purchase index is now down 3 straight weeks.  The average rate on a 30 year mortgage fell to 4.62% from 4.72% last week.  The low was reached in the March 27th week at 4.61%. 

This is not good news for the economy/global economy.  The spring will hopefully bring about a reduction of supply of homes.   It will not happen with applications declining at all time lows.  The so called Green shoots may die a quick death if housing does not improve in the spring.

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