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The Mortgage Bankers Association (MBA) reported that applications for U.S. home mortgages last week fell to their slowest pace since December 2000, hurt by refinancing loan requests that are now just a quarter of March levels.
Published on August 20, 2008
The MBA said its seasonally adjusted index of mortgage application activity declined 1.5 percent to 419.3 in the week ended Aug. 15, and its seasonally adjusted index of refinancing applications dropped 3.7 percent to 1,034.5 last week, marking the fourth drop in five weeks.
The measure has roughly followed a rise in interest rates, which stand nearly three-quarters of a percentage point above March levels.
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