Market Update: Mortgage Applications drop 5.9 percent

Mortgage applications decreased by 5.9 percent last week. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“The drop in applications was disappointing because with interest rates steadily improving recently, it suggests a reluctance of homebuyers to take action. However, consumers in the market for a home may find it easier than they thought to purchase, with the added bonus of interest rates near historic lows.”

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