Mortgage Applications Decline Week Over Week – Market Update

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The U.S. fiscal cliff continues to be the focus of markets and the prevailing concern is that little progress is being made, which is leading to increased demand for the safest assets. In total, according to the MBA, mortgage applications declined week over week, with refinance activity dropping 2%.

What’s Up on Wall Street?

The Dow Jones Industrial Average decreased 86.93 points (-0.68%) while the Nasdaq fell 27.01 points (-0.91%). Also, the S&P 500 dropped 11.02 points (-0.79%).

Current Rates

Here are some of today’s rates:

• 30-Year Fixed: 3.375% (3.586% APR)
• 15-Year Fixed: 2.625% (3.037% APR)
• 7-Year ARM: 2.625% (3.091% APR)

Visit our mortgage rates page to find out how much you can save with today’s rates, or use our mortgage calculator to find more rates and loan options.

Financial Links

Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.

Bloomberg

U.S. Stocks Fall on Budget Concern Ahead of Home Sales

MarketWatch

Sales of New Homes Decline 0.3% in October

HousingWire

Freddie Mac Increased Mortgage Purchases in October