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Friday, September 29, 2006

Home loan demand falls despite rate plunge - Click here for full article

Home loan demand falls despite rate plunge

By Julie Haviv Wed Sep 27, 1:36 PM ET

NEW YORK (Reuters) - U.S. mortgage applications fell for the first time in four weeks even as interest rates dropped to a six-month low, an industry trade group said on Wednesday, offering more evidence the country's housing market slump is deepening.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity , which includes both refinancing and purchasing loans, for the week ended September 22 fell 4.9 percent to 566.6 from the previous week's 595.8, its highest level since April.
Applications were 21.4 percent below their year-ago level.


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