For the second consecutive week, overall home mortgage activity fell 1.5 percent, according to a report issued today by the Mortgage Bankers Association (MBA). The report, which measures how many mortgage loan applications were submit over a one-week period as compared to the previous week, also showed the number of people applying for financing to purchase a home tapered by 0.4 percent. Applications to refinance a home loan fell 3.7 percent, however.
“A combination of elevated mortgage rates and stringent equity and down payment requirements have presented a barrier to entry for many consumers who recognize there are values currently available in the housing market that may never be seen again,” says Bob Walters, chief economist of Quicken Loans, which is the nation’s largest online retail mortgage lender.
“However, as FHA home loans, which require a significantly smaller equity stake, continue to grow in popularity, the pent up housing demand these lower home prices have created will eventually begin to show up in the housing market,” he added.
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