"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.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.