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.
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