Mortgage Bankers Association In Panic Mode

Mortgage Bankers Association In Panic Mode As Mortgage Applications Continue To Plummet


mortgage bankers association
The decline of mortgage applications has mortgage bankers stressing out. Are layoffs on the horizon for the lending industry?

The Mortgage Bankers Association announced this week that applications dropped for the second week in a row. They claim that the continual decline is due to market uncertainties and limited housing supply.
The refinance index decreased as well. The RI dropped 2% for the week ending June 29 from the previous week. Applications for refinance loans also decreased from 37.6% to 37.2%.
MBA Chief Economist Mike Fratantoni told National Mortgage News:
The seasonally adjusted purchase index only increased by 1% from one week earlier. However, this is 1% lower at this point a year ago.

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