Mortgage Applications Plunge
- By:
- Bill Rice | Wed, 10/01/2008
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Mortgage rates balance on little to no activity, while mortgage applications plunge.
Mortgage rates stagnate as investors stay on the sidelines awaiting the final outcome of the $700 billion bailout package in legislative limbo. Apparently, this is also the attitude of the mortgage borrower. MBA's weekly reporting of mortgage applications indicates a precipitous drop last week--refinance applications were down 34.7% and purchase applications down 10.9%, giving the mortgage market an average 23% dip in borrowing activity.
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