The Mortgage Bankers Association announced this morning that applications for mortgage loans decreased 15.3% last week when compared to the week prior.
The report showed the Purchase Index decreased 5.4% and the Refinance Index decreased 25.7% from the previous week.
Quicken Loans Chief Economist Bob Walters says many consumers are having a hard time qualifying due to credit tightening and tougher lending standards.
“Conditions in the housing market remain far from stable and tight credit continues to prevent many folks from qualifying for a home loan,” Walters said. “The FHA loan program is helping more people qualify but, with tougher lending standards in place, many other folks are having difficulty qualifying for financing, which adds up to continuing challenges in the housing industry.”
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