Mortgage applications fall
Applications hit their lowest level since November, but a rise in mortgage rates is easing.
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.
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[BRIEFING.COM] Equity indices closed out the month of August on a modestly higher note. The Russell 2000 (+0.6%) and Nasdaq Composite (+0.5%) finished ahead of the S&P 500 (+0.3%), which extended its August gain to 3.8%. Blue chips lagged with the Dow Jones Industrial Average (+0.1%) spending the bulk of the session in the red.
The final week of August represented one of the quietest stretches for the stock market so far this year. The first four sessions of the week produced the ... More
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