Market Update: Mortgage applications slip in this week’s report

The weekly MBA mortgage application survey showed a dip in numbers this week with a 7% decline overall, and purchases dropping 5.2% from the previous week. Quicken Loans economist Bill Banfield offers the following comments of the report.

“We had a busy week with a Fed meeting that left the markets wanting more specificity on the timing of any tapering and then economic data that surprised to the upside.  This put some mild pressure on interest rates compared to the prior week which didn’t help applications levels when homeowners and loan officers are attempting to feed their sweet-tooth on Halloween.”

If you would like to talk to someone at Quicken Loans about today’s report or anything in the mortgage market, please contact us.