Mortgage Bankers Association reports on loans
The Mortgage Bankers Association (MBA) reports that loans for the week ending January 7 were down slightly.
"The Market Composite Index - a measure of mortgage loan application volume - was 587.8, a decrease of 3.0 percent on a seasonally adjusted basis from 605.7 one week earlier" according to the MBA.
This is not unexpected over the holidays. With our recent rainy weather, we expect that loan applications for January will be affected. Certainly the housing market in our area has been affected, as buyers canceled their appointments (not wanting to go out and look at property in the rain) and sellers held off (as they dried out and fix any problems that turned up as a result of the rain).
To read the press release, go here.