July 24, 2019 / 2:55 PM / 3 months ago

U.S. mortgage applications drop in latest week - MBA

NEW YORK, July 24 (Reuters) - U.S. mortgage applications decreased last week, as expensive materials and shortages of land and labor have constrained builders’ ability to produce more affordable housing, the Mortgage Bankers Association said on Wednesday.

The Washington-based group’s seasonally adjusted index on loan requests, both to buy a home and refinance one, fell 1.9 percent to 490.8 from 500.2 in the week ended July 19. (Reporting by Evan Sully Editing by Chizu Nomiyama)

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