Mortgage applications drying up

Mortgage applications last week dove 23 percent as banks continued to tighten their credit standards, making it tougher to qualify for loans.

Last week's decline, which is seasonally adjusted and compares to one week earlier, was driven by a large drop-off in refinancing applications (-34 percent) and purchase applications (-10.9 percent), according to the Mortgage Bankers Association. The group reported that its Government Purchase Index, comprised largely of FHA loan applications, fell 14.1 percent.

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