Value of Countrywide Loan Applications Falls

Countrywide Financial Corp. said the average daily value of loan applications fell 39% last month as interest rates gained.

The average daily value of loan applications declined to $2 billion from a year earlier, the Calabasas-based company said. Applications in process dropped 32% to $50 billion.

Interest rates have increased since early April, and loans funded fell 20% to $32 billion in May from last year, the company said.

Countrywide shares fell 81 cents to $66.64 on the NYSE.