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] The stock market finished an upbeat week on a mixed note. The S&P 500 added just over a point, holding its weekly gain at 1.0% while the Nasdaq lost 0.4%.
The major averages began the day on an upbeat note, but relinquished their opening gains during the first 90 minutes of action. The early sentiment was boosted by a better-than-expected nonfarm payrolls report for February (175K versus Briefing.com consensus 163K), but a closer look into the report suggested that ... More
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