Denver Post (08/14/08); Svaldi, Aldo
The Mortgage Bankers Association says its application index hit eight-year lows on Aug. 8, with purchase-loan requests falling 32.2 percent and refinancing demand dropping 44.3 percent year over year. Experts attribute the decline in application volume to higher interest rates, stricter underwriting guidelines and a contraction in the kinds mortgage products as well as in money available to fund them. Steven Wood of Insight Economics says the decrease in applications took several months after the credit crunch to emerge because borrowers submitted numerous applications in the hopes that one would be accepted.
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