Mortgage Applications Plunge

By:: Bill Rice - MortgageLoan.com

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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