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Mortgage applications drop 3.7% as homebuyers pull back

Mortgage applications drop 3.7% as homebuyers pull back

The drop-off was primarily in applications to purchase a home. They fell 6 percent for the week and were 5 percent lower than a year ago. Some real estate agents have been reporting more traffic at open houses, as more listings come on the market, but apparently that interest is not turning into demand for home loans. Prices are still very high, and the supply of lower-end homes is still very lean. Mortgage rates are lower than they were last fall, but not enough to really make a difference for some buyers.

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