U.S. MBA Mortgage Applications Slip 16.6%, Falling to an Eight Year Low

MBA mortgage applications for the week ending October 17 fell to its lowest level since 2000 as the credit crunch continues to take a toll on the world's largest economy. Applications fell 16.6% to 408.1 from 489.3 in the previous week despite the decline in long-term borrowing costs, and suggests that the downturn in the housing sector will continue as fears of a global recession accelerate.

 

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