Market Update: Mortgage applications dropped 11% last week

This morning’s MBA Weekly Mortgage Applications Survey reported an 11.5% drop in mortgage applications. Quicken Loans Chief Economist Bob Walters offers the following comments on the report:

“Mortgage applications fell last week as a result of homeowners being shocked by the bump in interest rates. I don’t foresee that this downward trend in applications will continue as homeowners get off the sidelines and take advantage of rates that are still relatively near record lows.”

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