Mortgage Applications Flatten as Refis Drop
The purchase component of the index rose 1.4 percent on a seasonally adjusted basis while refinance-related applications dropped 6.4 percent from the previous week.
The overall decline in loan applications indicate that the normally active fall season has experienced a slowdown due to ongoing troubles with the economy. It's basic math: People who are unemployed or worried about losing their jobs are unlikely to initiate the home-buying or refinance process.
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