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Mortgage Demand Falls for Second Week

Mortgage News > Mortgage Demand Falls for Second Week
Date: 07/01/2020    Mortgage Demand Falls for Second Week

The number of applications for home purchase mortgages fell 1% this week, marking two weeks of declines, according to the Mortgage Bankers Association. Even though purchase loan volume is up 15% from last year, the recent decreases may indicate the housing market is slowing down. “The weakening in activity is potentially a signal that pent-up demand is starting to wane and that low housing supply is limiting prospective buyers’ options,” said MBA economist Joel Kan. Refinance mortgage applications fell 2% for the week but rose 74% from a year ago.

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