Investor's Business Daily (07/24/08) P. A2
The Mortgage Bankers Association confirms that its home loan applications index declined 6.2 percent during the week ended July 18 to 489.6, as 30-year mortgage rates rose to an average of 6.59 percent--the highest in a year. Demand for loans to purchase homes was down 6.7 percent, and refinancing requests were off 5.6 percent. The nation's financial woes have produced rising interest rates, while mounting mortgage defaults have forced more and more banks to tighten lending standards, thus deepening the housing slump.
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