If you are like me and have been watching your own neighborhood, you would wonder if there was a demand for home loans. I say this because there are many properties for sale in our neighborhood. Yet right across the street, there are new houses being built. I am surprised that the demand for home loans is low. According to the Mortgage Bankers Association, they stated its seasonally adjusted index for mortgage application activity for the week ended July 28 decreased 1.2 percent to 527.6 – the lowest since May 2002 from the previous week’s 533.8. A couple of weeks ago there was rumors a cooling market. It will be interesting to see what is happening with the next Fed policy-making meeting on August 8.
