Mortgage applications hit five-year high

Mortgage applications hit their highest level in over five years last
week as borrowers took advantage of lower mortgage rates to refinance
loans. But borrowers with poor credit or little home equity can’t take
advantage of the low rates, so foreclosures are still likely to
increase. Thirty-year fixed-rate mortgages fell to an average of 5.14 percent last week, down from the previous week’s average of 5.19 percent.