General World News

Mortgage demand falls to lowest level since 1996

Despite a slight drop in mortgage rates last week, mortgage applications fell to their lowest level since December 1996. For the week that ended Sept. 1, mortgage applications dropped  2.9% from the prior week, according to data from the Mortgage Bankers Association

“Both purchase and refinance applications fell, with the purchase index hitting a 28-year low, as prospective buyers remain on the sidelines due to low housing inventory and elevated mortgage rates,” said Joel Kan, MBA’s vice president and deputy chief economist.

Meanwhile, the “refinance index details ⇒

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