Mortgage Applications Decline in August
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Washington Mutual Inc. and Countrywide Financial Corp. said they suffered large declines in mortgage applications in August, as rising interest rates slowed the home buying and refinancing boom.
Seattle-based Washington Mutual said fixed-rate applications fell nearly 40% from July, and that the drop might hurt results. Countrywide, based in Calabasas, said average daily mortgage applications fell 29%, to $1.8 billion.
The reported declines follow a rise in the average 30-year mortgage rate to 6.44% last week from 5.21% in June.
From Reuters
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