Mortgage applications decline as home buys hit 6-week low - 2005-02-27
Mortgage applications dropped for a second week, led by a decline in home purchases, as the rate for 30-year fixed mortgages rose the most in nine months, an industry report showed.
"Home sales should continue to moderate in coming months," declared Sheryl King, a senior economist at Merrill Lynch & Co. in New York, in a note to clients before the report. "Housing will transition from a high-growth story in 2004 to a high-level story in 2005."
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