The summer doldrums may have hit the housing market.
Demand for mortgage applications fell 1.9% from a week ago, according to the Mortgage Banker’s Association’s survey.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Refinance Index decreased 3% percent and Purchase Index decreased 0.2%.
“Mortgage application volume fell last week to its lowest level since mid-July, as mortgage rates have stayed just above 3% for several weeks,” said Mike Fratantoni, MBA’s senior vice president and chief Economist. “Refinance volume has been moderating, while purchase volume continues to be lower than expected given the lack of homes on the market.”