According to MBA 14.2% Fall in Mortgage Applications
Posted on May 27, 2009
Filed Under Home Mortgage, Mortgage Rates, Mortgage Updates
The Mortgage Bankers Association’s weekly survey reports a seasonally adjusted 14.2% drop in mortgage applications compared to the weeks previous.
Survey results of the week ending in May 22 showed a 28.5% increase compared to 2008 results. Now, a drop of nearly 15% in applications.
For prospective home buyers, this drop could mean more attainable mortgage lending practices as bankers seek to fill the gap. If you are looking to obtain a mortgage, keep looking until you find. This Mortgage Bankers Association weekly survey covers about half of the retail mortgage market, and while mortgage applications may drop, interest rates continue to as well. By now, you have heard the phrase “buyer’s market” but it is time to take another listen. The pot continues to sweeten for prospective home buyers.
To keep up with mortgage rate changes, visit the MBA website at www.mbaa.org where you can find cutting edge news from a trusted industry source.
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