According to a survey released today (Oct. 18) by the Mortgage Bankers Association (MBA), new applications for mortgages have fallen 6.9% from a week ago, reaching a demand low not seen since 1995. The MBA tracks changes in mortgage applications through a weekly index, and as of now, applications for a 30-year conventional mortgage for home purchase are 21% lower compared to the same week last year. This data indicates that potential homebuyers are pulling back and reevaluating their strategies for affordable housing.
Joel Kan, MBA’s vice president and deputy chief economist, stated in a statement that both purchase and refinance applications have declined, primarily because of substantial drops in
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