Market Update: Mortgage applications drop 3.6 percent

Mortgage applications decreased by 3.6 percent last week on a seasonally adjusted basis. Quicken Loans vice president Bill Banfield offers the following comments on the report:

“While we try not to put too much focus on week-to-week fluctuations, it can be disappointing to see any substantial drop in purchase activity. But based on the where the July 4th holiday fell this year, it’s possible many homebuyers were enjoying a vacation with their family instead of applying for a mortgage. With the slightly increased inventory and falling to steady interest rates, there are still many opportunities to buy available.”

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