By Diana Olick | CNBC
In yet another sign of a weakening spring housing market, mortgage applications took a step back last week.
The drop may be due in part to higher home prices and, in turn, fewer entry-level buyers able to afford a home. Total application volume fell 4.1 percent on a seasonally adjusted basis from the previous week. The Mortgage Bankers Association’s weekly tally was nearly 16 percent lower than the same week one year ago.
Purchase applications fell 3 percent for the week but remain 9 percent higher than one year ago.
