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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