U.S. Home Loan Demand Falls Despite Rate Drop

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00013265-us-home-loan-demand-falls-despite-rate-dr/

By Julie Haviv, Reuters

U.S. consumers filed fewer loan applications to purchase homes last week despite a drop in long-term interest rates, an industry trade group said on Wednesday.

The Mortgage Bankers Association’s seasonally adjusted purchase mortgage index — considered a timely gauge on U.S. home sales — decreased 1.9 percent to 400.8 for the week ended Feb. 24 from the previous week’s 408.7.

The index was also well below its year-ago level of 440.0.

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