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Mortgage Demand Drops Due To Economic Uncertainty
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Mortgage demand fell last week over concerns about the economy.
Applications to purchase a home fell 4% week over week, and were just 3% higher than a year ago when mortgage rates were much higher. Applications to refinance a home loan dropped 4% week-over-week, but were up 42% year-over-year.
“Mortgage application activity, particularly for home purchases, continues to be subdued by broader economic uncertainty and signs of labor market weakness, dropping to the slowest pace since February, Joel Kan, MBA vice president and deputy chief economist said in a release.
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This article originally published at https://dc.urbanturf.com/articles/blog/mortgage_demand_drops_due_to_economic_uncertainty/23454.
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