Mortgage demand hits 22-year low as loan applications continue to drop
Real estate consultant on housing market: ‘Everything costs more’
Tom Rood, SitusAMC Managing Director, discusses the increased costs of building a home and buying in the current real estate market
Mortgage applications decreased last week, the third week in a row, as they now sit at the lowest level since 2000, according to a new survey.
On Wednesday, the Mortgage Bankers Association (MBA) released its weekly mortgage applications survey that found the Market Composite Index, which measures the volume of loan applications, decreased by 6.3% last week when adjusted to a seasonal basis.
On an unadjusted basis, the Index saw a 17% increase compared to the previous week.