Trump’s First Housing Move Tanks Mortgage Applications 3.2%

CNBC, Feb. 1, 2017–Diana Olick
A plunge in applications for government-insured loans was behind a drop in overall mortgage volume last week, the Mortgage Bankers Association reported. “Following the decision to suspend a proposed decrease in the FHA mortgage insurance premium, FHA refinance applications dropped more than 25 percent, while FHA purchase applications fell almost 6 percent,” MBA Chief Economist Michael Fratantoni said.