Investor's Business Daily (05/29/08) P. A2
Home loan applications dropped 4.6 percent to a one-month low during the week ended May 23, according to the Mortgage Bankers Association. Increases in the 30-year mortgage rate and the one-year adjustable mortgage rate to 5.96 percent and 6.92 percent, respectively, are responsible for the decline in home loan requests. Applications for refinancings fell 8.9 percent, but demand for purchase mortgages edged up 0.2 percentage points.
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