- US Markets Bracing for Selloff on Dubai Debt Worries
- US Dollar Falls to 14-Year Low Against the Yen
- No Thanksgiving Rest for Retailers in Sales Race
- UK's Darling to Downgrade 2009 Growth Forecast
- US Companies Already Moving on Curbing Emissions
- Fannie Mae to Tighten Lending Standards: Report
- Investing in Good Karma – and Making a Profit
- Retailers Should Believe in Christmas Miracles
- Bankruptcies Jump, Hitting Highest Level in Four Years
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
MOST SHARED
- Kuoni CEO Sees Recovery in Travel Sector
- Dubai Struggles to Ease Debt Fears; Investors Rattled
- Gold Retreats from Record High as Dollar Rebounds
- US Markets Bracing for Selloff On Worries About Dubai's Debt
- China Unveils Carbon Target Ahead of Copenhagen
- UK's Darling to Downgrade 2009 Growth Forecast
- Hyundai-Kia Targets Rapid China Growth in 2010
- No Thanksgiving Rest for Retailers in Sales Race
- Fannie Mae to Tighten Lending Standards: Report
Text Size 
Applications for U.S. home mortgages last week slumped to their lowest since December in another sign the housing market is far from recovery, according to data reported by an industry group Wednesday.
 |
David J. Phillip / AP |
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity dropped 11.1 percent to 567.0 in the week ended April 25, its lowest since the week ending Dec. 28.
The MBA's index of applications for loan refinancings fell 16.7 percent last week to 1,905.2.
The gauge of loan requests for home purchases decreased 4.8 percent to 340.1.
The drop in applications follows data Tuesday that showed foreclosure filings more than doubled last quarter from a year earlier, adding to inventories and exacerbating price declines.
Falling home values have deterred would-be buyers, who fear taking a loss shortly after a potential purchase, economists say.
Existing home sales plunged 19.3 percent in the year through March, and the inventory of homes for sale lingered at levels that would take 10 months to clear at the current sales pace, the National Association of Realtors said last week.
Fixed 30-year mortgage rates averaged 6.01 percent in the week, down 3 basis points from 6.04 percent the prior week.
Print
Email
- What you need to know.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes