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"On The Fence": Mortgage Demand Drops 6%

  • February 19th

by UrbanTurf Staff

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Mortgage demand dropped again last week as buyers remained on the sidelines. 

Applications to purchase a home loan fell 6% last week compared with the previous week, the Mortgage Bankers Association reported on Wednesday, but those applications were 7% higher than the same week last year. 

"Despite mortgage rates declining, mortgage applications decreased to their slowest pace since the beginning of the year,” said Joel Kan, MBA vice president and deputy chief economist said in a release. “Purchase applications were down for the week, as buyers remained on the fence, although loosening inventory may help support activity in the coming months.”

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This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/on_the_fence_mortgage_demand_drops_6/23203.

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