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13-Year Low for Home Purchase Applications
CNBC Video looks at this week's mortgage activity
The expiration of the Home Buyers Tax Credit prompted fewer prospective homebuyers to complete a loan application last week than in any week in the past 13 years.
The number of people who last week filled out a mortgage application to finance a home purchase plummeted 27 percent from a week earlier, the Mortgage Bankers Association -- a trade group that represents U.S. mortgage lenders -- reported today.
In this video, CNBC also covers the how many borrowers were unable to make their payments on time during the first quarter.