NEW YORK, Nov 18 (Reuters) – U.S. mortgage applications fell last week, with demand for home purchase loans dropping to a 12-year low even as interest rates on 30-year loans fell to their lowest level in six months, data from an industry group showed on Wednesday.
Home purchase loan demand fell for a sixth straight week, a trend that does not bode well for the U.S. housing market, which has been showing signs of stabilization after a three-year slump.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications USMGM=ECI, which includes both purchase and refinance loans, decreased 2.5 percent to 611.7 for the week ended Nov. 13.
The hard-hit housing market, a primary driver of the worst U.S. recession since the 1930s, remains highly vulnerable and many are hopeful that the federal government’s intervention will prevent any setbacks.
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If you need financial assistance for your small business, you may consider applying for a term loan. Generally, there are two types of term loans for small businesses – short term and long term loans. In this article, let’s discuss the basic details about each.
These loans can also be taken to satisfy several types of business-related purposes like to expand the business, to purchase advanced technology tools, to renovate the office, to fund the permanent employees, to start a new branch, to pay off the debts and for advertisement purposes. Depending on you purpose, you can take any of the following business loans:
Debt consolidation loans allow you to handle your finances more effectively. These loans can also cut down the amount of time required to pay down your debts. As soon as your loans are consolidated, you must not pile up further debt as your financial condition would worsen if you are making payments for your consolidated debts along with some new debts.