“A large number of Americans have decided not to borrow to buy a home. Last week, applications fell 6.3%. These figures are seasonally adjusted. This is in response to rising mortgage rates, which began in May. Since then, home sales have begun to fall. Mortgage applications had been rising for 18 months. The Federal Reserve’s purchase of almost half a trillion dollars’ worth of mortgage bonds issued by Fannie Mae and Freddie Mac since last December was not the main cause of the decline in mortgage rates. The decline had begun in June 2009. The rise in rates came halfway through the QE3 increase, which began in December 2012.”
http://teapartyeconomist.com/2013/12/26/last-weeks-mortgage-applications-13-year-low/
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