mortgage applications

More Financial Main Stream Media Disconnect from Main Street on Mortgage Applications

U.S. Mortgage Applications Fall 19%:

U.S. mortgage applications fell last week by the most since February, defying efforts by President Barack Obama’s administration to revive the housing market.

The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan dropped 19 percent to 444.8 in the week ended June 26 from 548.2 the prior week. The group’s refinancing gauge declined 30 percent to the lowest in seven months, while the index of purchases fell 4.5 percent.