Market Update: Mortgage applications drop for third week in a row

This morning’s MBA Weekly Mortgage Applications Survey reported that mortgage applications fell 3.8% last week, the third consecutive week of declines. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“While you try to take a holistic view to trends, it certainly does start to whet your interest when you see three weeks of application declines.  The fact remains, however, that rates remain low, home prices are at reasonable levels and the market is slowly regaining its health.  I do not expect to see any lingering effects from the lagging application data.”

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