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Quote of the day
Posted By Barry Ritholtz On April 12, 2006 @ 6:36 pm In Fixed Income/Interest Rates,Real Estate | Comments Disabled
"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.
Trade Reprieve 
WSJ, April 12, 2006 12:34 p.m.
Article printed from The Big Picture: http://www.ritholtz.com/blog
URL to article: http://www.ritholtz.com/blog/2006/04/quote-of-the-day-6/
URLs in this post:
 WSJ’s Afternoon Report : http://online.wsj.com/article/SB114484354102623891.html
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