Mortgage Applications Fall

According to a weekly survey conducted by the Mortgage Bankers Association, mortgage application volume fell by 14.2% for the week ending 04/18/2008. The main force driving the decrease is most likely the recent increase in interest rates. Fixed rates increased approximately 25 basis points. Refinance application volume was hit the hardest, suffering a 20% decline and purchase applications were the least affected, with a 6.4% decline.
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