Market Update: Mortgage applications drop by 7.3%

This morning’s MBA Weekly Mortgage Applications Survey reported a 7.3% drop in mortgage applications last week. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“While the drop in mortgage applications is disappointing, it is important not to grow overly concerned about week-to-week figures. The real question is if the rise in home prices is real and sustainable, or a blip driven by a market that is lacking a healthy selection of homes.”

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