4.5% Drop in Mortgage Applications

According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending August 10, 2012, the number of mortgage applications has dropped by 4.5% just since the week before. Many lenders have been left puzzled over the sudden drop. According to the Market Composite Index which measures mortgage loan application volume, this decrease was based on seasonally adjusted figures. Had it been unadjusted, the decrease would have actually been closer to 4.7%. In this slowly re-stabilizing economy, we cannot afford to see statistical drops like this. Hopefully the number of loan applications submitted will rise again soon, which would indicate an improvement for the U.S. housing market.

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