Mortgage rates have remained low, but ongoing financial unrest on Wall Street continues to have a negative impact on the national mortgage market. The Mortgage Bankers Association announced this morning that mortgage applications filed last week dropped 23% week over week. Specifically, applications to purchase a home fell 10.9% while refinance application activity dropped 34.7%.
“Despite mortgage rates in the low sixes, which provided an enticing opportunity for those seeking to refinance or purchase a home, consumers have reacted with fear to the roiling financial markets,” says Bob Walters, chief economist of Quicken Loans.
“Although Capitol Hill seeks to quell the unrest, the current uncertainty on Wall Street has exacerbated the ongoing credit crunch, making FHA loans the only viable solution for those who’ve encountered difficulties obtaining financing,” Walters added.
Related Info
- Not sure if you qualify for a mortgage in today’s economy? You might be surprised how easy it is to qualify for an FHA loan.
- Mortgage rates really are extremely low, even with the market turmoil. Get started today finding a mortgage rate you’ll love.
- Learn about buying a home or read our great articles on refinancing your mortgage.
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