Mortgage Demand Slumps Again Despite Rates Easing as Housing Downturn Intensifies
Even though mortgage rates eased down a bit, demand for mortgages fell for the week ended Oct. 28, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, which measures mortgage loan-application volume, declined by 0.5 percent on a seasonally adjusted basis for the week ended Oct. 28 when compared to a week ago, according to an MBA press release on Nov. 2. The seasonally adjusted Purchase Index was down 1 percent from a week back.
“Mortgage applications declined for the sixth consecutive week despite a slight drop in rates. The 30-year fixed rate decreased for the first time in over two months, to 7.06 percent, but remained close to its highest since 2002,” said Joel Kan, MBA’s vice president and deputy chief economist….