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.
