Mortgage application volume hits multiyear low

NEW YORK -Mortgage application volume fell last week to its lowest levels in nearly eight years, the Mortgage Bankers Association said Wednesday.
The fall in application volume is the latest sign of a struggling housing market. On Tuesday, a Commerce Department report showed construction of homes and apartments fell in July to the lowest level in more than 17 years.
And while fewer new homes are being built, fewer customers are also refinancing existing mortgages. A sharp drop in refinance volume in recent weeks has been the leading r of declining application volume.
The trade group's application index fell to 419.3 during the week ended Aug. 15, its lowest level since the index hit 298.3 in December 2000, and a 1.5 percent decline from the prior week. Application volume is down 61 percent from its 2008 peak in February.



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