US mortgage applications drop to lowest levels
Wednesday December 26, 2007
United States mortgage applications have dropped to their lowest level for the year with the Mortgage Bankers Association's seasonally adjusted mortgage application index falling 7.6 percent in the week ended December 21 to 603.8.
This is the lowest level since it fell to 575.6 in the December 29, 2006 week.
Meanwhile, mortgage applications dropped 6.6 percent thanks to the tighter mortgage lending standards being undertaken in the aftermath of the sub-prime mortgage fiasco which now sees less people applying for a home loan in the US.
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