Pursuits
Housing Fails to Overcome U.S. Home-Loan Rates: Chart of the Day
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Falling U.S. mortgage rates stem from the housing market’s inability to withstand increases last year, according to Michael Hartnett, chief investment strategist at Bank of America Corp.’s Merrill Lynch unit.
The CHART OF THE DAY tracks an index of loan applications to buy homes, as compiled by the Mortgage Bankers Association. Hartnett mentioned the indicator in a report two days ago that described weakness in housing as “the biggest macro story of the year,” outweighing economic slumps in China and Europe.