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…)
Record High for Mortgage Delinquencies
During the first quarter, there were a record number of mortgage delinquencies this year–the highest, at least, since surveys of mortgage payments were established in 1972.
Though the government has been making valiant efforts to curb the crisis, it seems that job losses are simply stronger than the government. Even so-called reliable borrowers with the best credit ratings are experiencing difficulty with payments–and even foreclosure.
The delinquency rate overall is just over 12%. At this time last year, it was 8%. (more…)