Friday, April 02, 2004

The National Association of Realtors reports decline in mortgage applications

Is this a trend? The National Association of Realtors (NAR) reports that "The Mortgage Bankers Association reported a 2.1 percent dip in its loan application index for the week ended March 26—the second consecutive week of decline."

and further, "Purchase-loan applications were down 1.1 percent from the previous week, while refinancing requests slipped 2.6 percent. Just a couple of weeks ago, application volume reached its highest level in eight months."

Perhaps it is that the supply of homes is low, so that there are not many homes being sold. And, as for refinance requests, our guess is that many people have already completed the refinance of their home loans, so that refinances are slowing down.

What do you think? Email us and let us know!

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