Mortgage Bankers Association In Panic Mode
Mortgage Bankers Association In Panic Mode As Mortgage Applications Continue To Plummet 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: Financial market volatility in response to continued worries about trade resulted in both lower mortgage rates and a drop in applications last week. The refinance index dropped below 1000 again last week, one of the weakest readings in the last 20 years. The seasonally adjusted purchase index only increased by...