Mortgage applications remained low this week despite the loan rates falling less than what Federal Reserve had expected.
The difficulty in getting the approval of mortgage and small down payments are cited as the possible reasons for the downfall. Holidays and bad weather may also have played their roles in the low turnout of mortgage seekers.
According to the weekly survey of the Mortgage Bankers Association, applications seeking mortgage dropped 38.8 percent from 1,195.3 last week to 732.1 this week. A decrease in the indexe is also reported, which remained 46.5 percent compared to the last week and 40.4 percent compared to the last year.