I read a VERY interesting post in the Washington Post. Here's the link to the post and a quote.
"When the number of applications grows faster than the number of applicants," Carey explained in his piece, "it creates a false sense that admission standards are getting tighter. Imagine 20 students, each of whom applies to five schools and gets into two. Now imagine if the same students each applied to ten schools and got into two. The outcome for the students is the same: two acceptance letters. But the schools report lower admission rates, and the odds of admission seem worse."