Despite Mortgage Rates at 4.5% Lending Falls? (Team America Style)

Sign of the times fellow Masters, even with the average 30 year fixed loan at 4.5% applications to refinance home loans fell 3.1%, the first drop in six weeks.

Go figure, FANNIE MAE (Public, OTC:FNMA)  trading today at 30 cents and FREDDIE MAC (Public, OTC:FMCC) at a whopping 33 cents, go America!!

Here's the depressing news:

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By The Associated Press The Associated Press – 21 mins ago
MORTGAGE APPLICATIONS SLIP: Applications for home loans dipped last week as mortgage rates ticked up slightly from the lowest level in decades, according to the Mortgage Bankers Association.

REFINANCING DIPS AS RATES INCH UP: Applications to refinance home loans fell 3.1 percent, the first drop in six weeks. The average rate for a 30-year fixed loan rose to 4.5 percent from 4.43 percent a week earlier.

PURCHASE LOANS UP: Loans taken out to purchase homes, however, rose 6.3 percent to the highest level since May.

SOURCE: http://news.yahoo.com/s/ap/20100908/ap_on_bi_ge/us_mortgage_applications_summary_box