Demand For Home Loans Drops 5.5%

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Reuters reports a drop in mortgage applications:

Mortgage applications fell for the first time in three weeks, as a near four-year high in interest rates dissuaded consumers from taking out loans, an industry trade group said Wednesday.
The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended April 7 fell 5.5% to 579.4 from the previous week's 612.8.

Borrowing costs on 30-year fixed-rate mortgages, excluding fees, averaged 6.50%, up 0.01 percentage point from the previous week, highest level since it reached 6.53% the week ended June 14, 2002.

-- The Boy in the Big Housing Bubble/Los Angeles and Beyond