NEW YORK (Reuters) - U.S. mortgage applications plunged to a
seven-month low last week as demand for home refinancing loans tumbled
30 percent, data from an industry group showed on Wednesday.
The
drop does not bode well for the hard-hit U.S. housing market, which has
been showing some signs of stabilization, with sales rising and home
price declines moderating in many regions of the country.
The
Mortgage Bankers Association said its seasonally adjusted index of
mortgage applications, which includes both purchase and refinance
loans, for the week ended June 26 decreased 18.9 percent to 444.8, the
lowest reading since the week ended November 21, 2008.
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