LOS ANGELES — U.S. home loan applications are the lowest in decades as evidence mounts that rising mortgage rates and home prices are shutting out many aspiring homeowners.
An index that tracks mortgage application volume shows applications for loans to buy a home fell last week to the lowest level in 28 years, according to the Mortgage Bankers Association.
The MBA’s home loan application index shows that home purchase loans fell 2.1% last week from the prior week to a seasonally adjusted reading of 141.9. That’s down about 28% from a year earlier and represents the lowest level for the index since April 1995.
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