U.S. Purchase Mortgage Activity Falls to 2-year Low

Published on:
12 September 2006 at 10:20 a.m. ET

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http://www.insidearm.com/news/00006634-us-purchase-mortgage-activity-falls-to-2-/

By Julie Haviv and Richard Leong, Reuters

Americans filed the fewest loan applications to buy homes in more than two years last week — another sign of a slowing U.S. housing market — according to data released by a mortgage trade group on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted purchase mortgage index for the week ended February 10 fell 7.9 percent to 391.7 from the previous week’s 425.1.

The index, seen as a proxy for current home sales, was at its lowest level since the week ended Dec. 26, 2003, when it hit 390.1, the association said.

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