The number of Americans seeking a home mortgage to purchase a home or refinance an existing loan decreased 16.6% last week, according to a weekly report issued today by the Mortgage Bankers Association (MBA).
Applications for a mortgage to purchase a home fell 10.5% while refinance applications fell 23.5%.
Chief Economist Bob Walters at Quicken Loans, one of the nation’s largest lenders, says the decrease reflects the impact of Wall Street’s ups and downs on consumers but that mortgages are still attainable for many.
” Mortgage rates crept higher last week, and when combined with the financial drama unfolding on Wall Street, formed a toxic potion for mortgage applications,” Walters said.
“Consumers may have been afraid to take action. However, many fail to realize that for consumers with down payments and good credit scores, mortgages are no harder to obtain today than a year ago. Plus, FHA loans offer solutions for those who lack a sizable down payment,” Walters added.
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