Mortgage applications fall

Applications hit their lowest level since November, but a rise in mortgage rates is easing.

By Charley Blaine Jun 17, 2009 7:15PM

Rising mortgage rates have been weighing on the housing market, and last week fewer people applied for mortgages as a result.

 

The number of mortgage applications fell 16% last week to the lowest level since November, the Mortgage Bankers Association said in its weekly report this morning.

 

Refinancings fell 23.3%, with applications to purchase a home dropping 3.5%.

Applications fell as rates rose in recent weeks on growing worries about the government's massive borrowing efforts to help pay for its fiscal stimulus plans.

 

But rates on 30-year fixed mortgages improved a bit last week, averaging 5.5%, down slightly from 5.57% the previous week.

 

Bankrate.com's daily rate survey put the national rate on a 30-year fixed-rate mortgage at 5.53% today, down from nearly 5.8% last week.

 

Homebuilding shares were mostly higher. D.R. Horton (DHI) rose 1.8% to $9.68. Pulte Homes (PHM) moved up 2.1% to $8.86, and MDC Holdings (MDC) was up 1.9% to $29.66.

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