Mortgage Applications Fall Third Straight Week
USA Today reported September 26, 2007 that U.S. mortgage applications decreased 2.8 percent compared to the previous week.
The overall decline was the result of a 7.3 percent decline in applications for home purchases. Refinance applications rose for a fourth straight week.
"Prior increases in the MBA application indexes that seemed to run counter to widespread evidence of a troubled housing market largely reflected borrowers submitting multiple applications in the hope of getting one approved, economists have said."
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