"Home sales are in the process of reversing
all the gains of the past two years and reverting to 2003 levels."
– Robert Mellman, economist, J.P.
The WSJ’s Afternoon Report reports that mortgage apps sank 5.5% last week; According to the The Mortgage Bankers Association, applications for purchase fell
4.7%, while refis slid 6.6%.
Not coincidentally, borrowing
costs ticked higher: the average rate on a 30-year fixed mortgage is 6.50%, while the one-year Treasury adjustable-rate mortgage rose to 5.97%. These are the highest rates have been since April 2001.
WSJ, April 12, 2006 12:34 p.m.