Loan demand still reeling after tax credit expiration

Refinancings account for nearly 8 in 10 mortgage applications

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Demand for purchase mortgages dropped by more than 30 percent from April to June and has fallen in eight out of the last nine weeks, the Mortgage Bankers Association said today.

Despite the fact that mortgage rates were at or near record lows, demand for purchase loans fell a seasonally adjusted 2 percent during the week ending July 2, and was down 34.7 percent from a year ago, the MBA said in releasing the results of its Weekly Mortgage Applications Survey.