General World News

Mortgage apps decline 11% amid economic uncertainty

Individuals across the country put the American dream of homeownership on standby for the week ending May 13, reducing mortgage application volume by 11% compared to the prior week, as measured by the Mortgage Bankers Association‘s (MBA’s) Market Composite Index. 

“Mortgage applications decreased for the first time in three weeks, as mortgage rates — despite declining last week — remained over two percentage points higher than a year ago and close to the highest levels since 2009,” Joel Kan, associate vice president of economic and industry forecasting at MBA, said in a statement. 

The decline details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com