HOUSING: Number of mortgage applications declines

The volume of mortgage applications last week fell to the lowest level since December 2014, according to a new report from the Mortgage Bankers Association, providing another sign the housing market is slowing. The decline was led by a 5 percent drop in purchase applications to a nearly two-year low, followed by a 3 percent decrease in applications to refinance an existing loan. Buyers are facing a trifecta of unfriendly housing conditions: short supply of homes, increasing prices and rising mortgage rates.