US Home-Purchase Applications Slide to Lowest Since February
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A measure of US mortgage applications for home purchases slid last week to the lowest level since February, indicating elevated housing prices are impeding a nascent upswing in demand from falling mortgage rates.
The Mortgage Bankers Association’s index of mortgage applications to buy a home decreased 5.2% to 130.6 in the week ended Aug. 16. Refinancing applications also tumbled after surging to a two-year high in the prior week.