mortgage demand falls as purchase apps slip

``The Purchases Index fell 4.4% to 182.9 from 191.4 and continues to stagnate at very low levels. In fact, there's no evidence that they've broken the downtrend that began in November 2007 when the index was in the high 400's. Since the tax credit expired, the index has been stuck between 160 and 220, languishing in a sideways.''