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The Mortgage Bankers Association reported that its index of mortgage applications dropped 3.5% to 499 in the week ending August 7.
Celia Chen of Moody's Economy.com said that higher rates were responsible for the drop off in applications. A 30-year fixed mortgage, excluding fees, stood at 5.38% up .21 from the previous week. Interest rates last year were 6.57%.
Chen went on to say: "The bigger obstacle to home buying is job losses and tight qualifying conditions for borrowing."
Home prices are still under pressure due to growing foreclosures. Moody's Economy.com is expecting 3.85 million defaults this year compared with 2.7 million last year.
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