Mortgage Applications in U.S. Post Biggest Drop of 2010
This article is for subscribers only.
The number of U.S. mortgage applications dropped last week by the most this year as an increase in borrowing costs caused refinancing to plunge.
The Mortgage Bankers Association’s index fell 14 percent in the week ended Nov. 12, the Washington-based group said today. Refinancing plummeted 17 percent, the most since early April, and purchase applications were down 5 percent.