Mortgage Demand Slows in 3rd Quarter, 2006
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While not a surprise, the Federal Reserve announced formally that mortgage demand declined over the past 3 months. With layoffs, slower homes sales, and higher interest rates, I would have been very surprised if the activity had increased.
Demand for both residential mortgage loans and commercial real estate loans weakened over the last three months, the Federal Reserve said in a report Monday. The lower demand for home mortgages comes in spite of little changed credit standards for such loans, the Fed said in a survey of bank loan officers. At the same time, more banks reported a dwindling demand for consumer loans of all types in the past three months compared to the quarter before. The Fed survey is based on responses from 55 domestic banks and 17 foreign banks via MarketWatch.
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