Mortgage demand declines by 2%

September 19, 2004|By BLOOMBERG NEWS

U.S. mortgage applications declined last week from a four-month high, reflecting fewer home purchases, a private survey found.

The Mortgage Bankers Association's gauge of loan demand decreased 2 percent to 678.2, the Washington-based group said in a statement. The measure rose a week earlier to 692, the highest since May 7.

Home purchase applications fell 4.3 percent to 455.7, close to the record 501.6 reached in mid-January. While sales might have peaked after a surge in demand this year, mortgage rates will underpin purchases, economists said.

"Sales are still running at a solid clip, but it's not the strength we saw earlier in the year," said Mat Johnson, director of economics at ThinkEquity Partners in San Francisco.

Baltimore Sun Articles
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.