"Mortgage application volume fell last week to its lowest level in nearly eight years, the Mortgage Bankers Association said Wednesday.
The fall in application volume is the latest sign of a struggling housing market. On Tuesday, a Commerce Department report showed construction of homes and apartments fell in July to the lowest level in more than 17 years.
And while fewer new homes are being built, fewer customers are also refinancing existing mortgages. A sharp drop in refinance volume in recent weeks has been the leading driver of declining application volume."
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Mortgage applications approach 8-year low
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