Real Estate News
Mortgage Applications Slip for 2nd Straight Week
The Mortgage Bankers Association reported Wednesday that applications for new home loans fell for a second straight week. The group's seasonally adjusted index of mortgage demand fell 3.9 percent in the week ended March 13th, as applications declined for refinance and purchase loans alike. According to the report, the MBA's index of refinance demand slipped 5.2 percent, while its measure of purchase loan demand dropped 1.5 percent from the prior week. As the refinance decline exceeded the slide in purchase demand, the refinance share of all requests slid as well, from 60 percent to 59 percent. Refinance loans haven't accounted for under 60 percent of all home loans applications in a week since last October.