Mortgage Applications Fall To Lowest Level In 14 Years

Mortgage Applications Fall To Lowest Level In 14 Years
(New York, NY) -- Mortgage applications are continuing to decline. The Mortgage Bankers Association says its index of applications for both new home financing and refinancing of existing mortgages fell nearly six percent last week. That's the lowest level for mortgages in their weekly survey since December of 2000. A spokesman for the association blames the steep decline on higher interest rates, new regulations and a smaller supply of available homes.