The News Review:
- US MBA’s Mortgage Applications Index Increased 12% Last Week
- UPDATE 1-US mortgage applications rise as interest rates drop
- Mortgage Applications Increase In Latest MBA Weekly Survey
- Rebuilding US housing
US MBA’s Mortgage Applications Index Increased 12% Last Week
Bloomberg
climbed last week from an almost eight-year low as homeownerstook advantage of lower interest rates to refinance loans. The Mortgage Bankers Association's index of applicationsto purchase a home or refinance a loan rose 12 percent to 425for the week ended Nov. Thegroup's purchase index increased 9 percent and its refinancinggauge jumped 16 percent. The deepening credit crisis has prompted banks to toughenlending rules, indicating some of these applications may not beapproved.
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UPDATE 1-US mortgage applications rise as interest rates drop
Reuters
mortgage applicationsrose last week, recovering from an almost 8-year low, aspotential borrowers took advantage of a sharp drop in interestrates, an industry group said on Thursday. 0, up from the previousweek when the reading hit its lowest since December 2000. The increase in home loan demand indicates some sign ofstabilization, according to Torsten Slok, senior economist atDeutsche Bank in New York.
Mortgage Applications Increase In Latest MBA Weekly Survey
Originator Times
5 percent, while this average is down 5. 1 percent for the Refinance Index. The refinance share of mortgage activity increased to 45. 1 percent of total applications from 42. 9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 2.
Rebuilding US housing
Financial Times, UK
On the whole, US mortgage rates remain resistant to Fed rate cuts and to the reversal of inflationary forces. Falling housing prices remain at the heart of the ongoing credit crisis and the current phase of economic contraction. Qualified US borrowers continue to experience difficulties in refinancing and obtaining new mortgages at affordable and predictable interest rates. It is inaccurate, however, to state that reductions in the Fed funds target rate have been meaningless. The Fed funds target rate has been cut in half to 1 per cent. A variety of borrowers, including those whose mortgages are pegged to the prime rate, have benefited. The troublesome benchmark is the sticky yield on the inflation-sensitive 10-year US Treasury.