Four-Year Low on Mortgage Activity as Borrowing Costs Rise (Reuters)
In the week ending Sept. 6, the Mortgage Bankers Association announced that their seasonally adjusted index of mortgage application fell to a level last reached in November 2008. This represents a 13.5 percent drop from the prior week’s activity. The suspected culprit? A rise in borrowing costs in anticipation of the U.S. Federal Reserve taper.