Tuesday, November 13, 2012 / by Nathan Clark
Storm Slows Mortgage Business
Tropical StormSandyput a dent in applications for mortgages when she battered the east coast, according to a trade group.
The Mortgage Bankers Association reported that applications for purchases and refinances were down by about 5 percent for the week ending Nov. 2, citing the major storm as a big reason for the slowdown.
According to the MBA, applications fell by almost 60 percent inNew Jersey, about 50 percent inNew Yorkand about 40 percent inConnecticutfollowing the storm. The drop in volume in the east led the 5 percent drop nationwide, as many states actually showed increases in volume that week. Refinances continue to lead the way in the mortgage industry, the report revealed, making up about 80 percent of new loan applications