Mortgage Applications Fail to Gain Yardage

The big game isn't over yet, but the score is up against new mortgage applications. Some 12.9 percent fewer new mortgages were initiated in the week ending Jan. 21 than in the previous week, according to the Mortgage Bankers Association. Mortgage refinances declined the most dramatically, 15.3 percent, and fell to a level not seen since January 2010. As for new purchase mortgages, they dropped 8.7 percent, matching the level for October 2010. The average 30-year-fixed-rate mortgage rate rose to 4.8 percent, the first increase in a month. But don't expect the housing market to score a touchdown anytime soon; this game will likely extend into overtime before seeing any improvement.