Weekly mortgage demand dropped to the lowest in three months as interest rates moved up following a period of decline, signaling a declining home buyer enthusiasm in the country.
The Market Composite Index, a measure of mortgage loan application volume, fell by 5.7 percent for the week ending May 24 from the previous week. This is the “lowest level since early March,” said Joel Kan, vice president and deputy chief economist at Mortgage Bankers Association (MBA), in a statement.
