As rates ticked higher to above 5% mortgage applications plummeted 13.7% in the week ended Oct. 16 from the prior week.
Uncertainty about a possible extension and expansion of an $8,000 tax credit for first-time homebuyers could be another damper to the housing recovery. The tax credit now can be claimed by anyone buying a home who has not owned one for three years and who closes the deal by Nov. 30. For more details visit the CNN website
The only sustainable scenario under which mortgage applications will increase is when employment creation is encouraged and jobs are created that will not only give jobs to the existing unemployed population by the hundreds of thousands entering the workforce.
PrivoCorp processes residential mortgage loans for clients across the US.
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