Market Update: U.S. mortgage applications fell 4.3% last week

This morning’s MBA Weekly Mortgage Applications Survey reported that mortgage applications fell 4.3% last week. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“The ups and downs of mortgage application volume the past few weeks is no reflection on the larger picture of an improving housing market. Chances are the drop in mortgage applications is tied to rates ticking up due to a better-than-expected unemployment report that showed the job market is improving, removing investor desire for safer assets.”

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