Demand for Home Loans Plunges
Interest-Rate Spike Puts Mortgages at 14-Year Low
By
Nick Timiraos
Updated April 24, 2014 7:34 p.m. ET
Mortgage lending declined to the lowest level in 14 years in the first quarter as homeowners pulled back sharply from refinancing and house hunters showed little appetite for new loans, the latest sign of how rising interest rates have dented the housing recovery.
Lenders originated $235 billion in mortgage loans during the January-March quarter, down 58% from the same period a year ago and down 23% from the fourth quarter of 2013,…
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