Mortgage demand slumped last week as consumers hit the brakes on purchase applications.
Mortgage applications decreased by 7.2% in the week ending Jan. 26 compared to one week earlier on a seasonally adjusted basis, according to the Mortgage Bankers Association‘s (MBA) weekly mortgage applications survey.
“Applications decreased compared to a holiday-adjusted week, driven by a decline in purchase applications that offset a slight increase in refinance activity,”Joel Kan, MBA’s vice president and deputy chief economist, said in a statement. “Low existing housing supply is limiting options for prospective buyers and details ⇒
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