Wednesday, August 02, 2006

Mortgage Aps. Down

NEW YORK - Mortgage application volume fell to its lowest level in more than four years last week, the latest indication that the once red-hot real estate market is cooling down.

The Mortgage Bankers Association reported Wednesday that its market composite index, a gauge of mortgage loan application volume, fell to 527.6 last week, down 1.2 percent from the previous week's reading of 533.8. This is the lowest index reading since May 2002.

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