Mortgage Applications Rate Lowest Since November

With mortgage rates the highest they have been all year, and borrower costs rising, the housing crisis seems to be deepening.

The number of people applying for U.S. mortgages continues to fall, hitting a level lowest since November last week. According to the Mortgage Bankers Association, application rates have fallen over 7% since the previous week, creating an overall decrease of 16% decrease in the index of applications for purchase or refinancing. (more…)