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Mortgage demand reaches lowest level in two decades

Borrowers’ demand for mortgage loans decreased for the fourth consecutive week to the lowest level in more than two decades, according to the Mortgage Bankers Association (MBA).

The market composite index, a measure of mortgage loan application volume, declined 1.8% for the week ending July 22 compared to the previous week. The refinance index dipped 3.7% in the same period, while the purchase index decreased 0.77%.

“Increased economic uncertainty and prevalent affordability challenges are dissuading households from entering the market,” Joel Kan, associate vice president of economic and industry forecasting at MBA, said in a statement. 

Consequently, recent months’ details ⇒

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