Us lending falls to 17-year low

US mortgage lending fell to a 17-year low in the first quarter of 2014, according to Wells Fargo (WFC:US) & Co. and JPMorgan Chase & Co.

The two largest U.S. mortgage lenders $226 billion of mortgages in the first three months of the year, less than one-third of the average recorded in 2006 and the lowest quarterly figure since 2007.

Lending has been falling since the middle of last year, notes Bloomberg, as rising rates and climbing houses reduce the affordability of US property, impacting demand and buying activity.