Mortgage Applications Fall Second Straight Week
U.S. mortgage applications fell for the second straight week, declining 4 percent compared to the previous week, USA Today reported August 29, 2007; however, mortgage applications were 10.5 percent higher then the same period last year.
The Mortgage Bankers Association provided the data.
The four-week moving average, a statistic that smooths out the week-to-week volatility, showed mortgage applications were up 0.3 percent.
"A sharp rise in defaults in the subprime mortgage market, which caters to borrowers with poor credit histories, has caused lenders to tighten requirements, making it difficult for those with weak credit to get a home loan."
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