Even with adjustments accounting for the holiday season, mortgage applications are falling. Here is what MarketWatch reports about mortgage applications:
Unadjusted, applications for the week ended Jan. 2 were up 28.3%
compared with the same week last year but were down 8.9% on a
week-to-week basis, according to the Washington-based MBA's weekly
application survey.
compared with the same week last year but were down 8.9% on a
week-to-week basis, according to the Washington-based MBA's weekly
application survey.
It seems a little odd to me that mortgage applications would fall, but perhaps the answer lies in a couple of possibilities:
1. The folks that were considering getting a mortgage loan have already applied.
2. Distressed by the economy and daunted by news that mortgage lenders are being stingy with approvals, some aren't bothering.
In any case, it appears that we will have to wait a little bit longer in order to see whether or not economic stimulus measures (that will push the U.S. deficit to $1.2 trillion) will actually help ease the mortgage market situation.
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