Mortgage Applications Hit Four-Year Low

U.S. mortgage applications sank to their lowest level in more than four years, as home purchase loan demand tumbled for the third straight week.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended July 28 decreased 1.2 percent to 527.6 - its lowest since May 2002 - from the previous week's 533.8.

It was the third straight week that overall mortgage activity slumped, despite a decline in interest rates during that period.

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