Weekly mortgage applications fall 3.4% as homebuyers find little for sale

Prospective buyers tour a new home for sale in Denver, Colorado/
Matthew Staver | Bloomberg | Getty Images

By Diana Olick | CNBC

If consumers can’t find a home to buy, then they don’t need a mortgage. That’s what’s likely driving the weakness in mortgage applications, which fell 3.4 percent last week from the previous week.

The seasonally adjusted index from the Mortgage Bankers Association now stands 14 percent lower than one year ago.

“Home sales remain constrained by a lack of inventory across the country, as evidenced by home price growth running almost three times the pace of overall inflation,” said Michael Fratantoni, chief economist for the MBA.

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