US Mortgage Applications fall to 714-week low

Last week we commented that US mortgage applications weren't showing the bounce that other housing stats such as housing starts and existing home sales were showing year-to-date. Not only did mortgage applications not bounce back this week, but mortgage applications actually broke down to new lows and are it its lowest level since December 2000. The purchase application index fell to its lowest level since November 2008. The purchase index slipped slightly as well.