mortgage rates – CalWatchdog.com https://calwatchdog.com Thu, 26 Dec 2013 22:21:06 +0000 en-US hourly 1 43098748 Housing market problems https://calwatchdog.com/2013/12/28/recession-ahead/ https://calwatchdog.com/2013/12/28/recession-ahead/#comments Sat, 28 Dec 2013 08:41:24 +0000 http://calwatchdog.com/?p=56047 housing market, wolverton, cagle, Dec. 23, 2013CalWatchDog.com stories repeatedly have warned that the optimism over California being “back,” as Gov. Jerry Brown insists, may be overblown. That doesn’t mean a recession is approaching, only that policymakers ought to be careful.

Now this from AP:

The number of Americans applying for mortgages has fallen 63 percent since a May peak, reflecting a cooling housing market and higher borrowing rates.

The Mortgage Bankers Association says applications fell a seasonally adjusted 6.3 percent last week from a week earlier. Applications are now at a 13-year low.

The drop-off follows a 1 percentage point increase in mortgage rates from historic lows last spring. The average for a 30-year mortgage is 4.47 percent, according to mortgage buyer Freddie Mac.

That means the mortgage application rate is even lower than it was during the 2007-09 housing crash.

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