Mortgage Applications Hit Second-Lowest Level in ’08
According to the Mortgage Bankers Association (MBA), applications for U.S. home mortgages fell to its second-lowest level of the year last week as interest rates rose.
The industry group reported that its seasonally adjusted index of mortgage application activity fell 7.8 percent to 621.6 in the week ended May 16.The index touched its 2008 low in the week of April 25, when it hit 567.
The MBA's seasonally adjusted index of refinancing applications declined 8.7 percent to 2,210.5 last week, the MBA said.
The gauge of loan requests for home purchases dropped 6.9 percent to 352.5 in the period.
Published on May 21, 2008
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