Mortgage applications fall to 2008 low: MBA

Applications for home mortgages plunged to their lowest level this year, as rising long-term interest rates curbed incentives to refinance, an industry group's data showed on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity dropped 19.2 percent to 665.1 in the week ended February 22.

It marked the third straight week of a decline in the index, pushing home loan demand down to the lowest level in 2008.

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- Posted: 2008-02-27 09:50:14

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