A measure of mortgage demand plunged to its lowest level in 22 years last week, new data from the Mortgage Bankers Association (MBA) showed, delivering a fresh sign that the red-hot housing market may be losing some steam.
Total mortgage application volume fell 6.5 percent week-over-week, according to the MBA’s seasonally-adjusted Market Composite Index, released June 8.
That’s the biggest weekly drop in the measure in over two decades.
“Weakness in both purchase and refinance applications pushed the market index down to its lowest level in 22 years,” Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, said in a statement….