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VOL. 37 | NO. 51 | Friday, December 20, 2013

US mortgage applications tumble to a 13-year low

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WASHINGTON (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.

Home sales stalled and began to fall once rates steadily increased after May. That ended a year and a half of rising mortgage applications since the housing bust.

Higher borrowing costs have made homes less affordable. Rates could rise further as the Federal Reserve scales back its economic stimulus.

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0