U.S. Mortgage Applications Fall for Fifth Week Led by Drop in Refinancing
The number of mortgage applications
in the U.S. declined for a fifth straight week, led by a drop in
refinancing even as mortgage rates fell to a record low.The Mortgage Bankers Association’s index decreased 0.2
percent in the week ended Oct. 1, the Washington-based group
said today. Refinancing fell to an eight-week low, while
purchases increased by the most since April.An unemployment rate close to a 26-year high and stricter
lending standards are limiting home sales even as record-low
mortgage rates make buying more affordable. Federal Reserve Bank
of New York President William Dudley said last week the outlook
for job growth and inflation is “unacceptable,” and more
monetary easing is probably needed to bolster the economy.
U.S. Mortgage Applications Fall for Fifth Week Led by Drop in Refinancing.
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