Mortgage applications fall

"U.S. home loan applications fell last week to the lowest level since mid-March, driven by a big drop in refinancing demand even as mortgage rates clung to record lows, according to the Mortgage Bankers Association on Wednesday.

A two-month low in requests for loans to purchase homes was especially disappointing, coming in the midst of the important spring sales season when potential buyers usually emerge from winter hiatus, economists said.

Homeowners already in the game have a 'great defensive move' in refinancing to shave expenses, 'but the problem is that we don't have any offense,' said Chuck Dannis, president of Crosson Dannis Inc., a real estate appraisal and consulting firm in Dallas, Texas."

Click below to read more...

Mortgage applications fall