According to the Mortgage Bankers Association, home mortgage applications have fallen 2.4% last week from the previous week. The total 5.7% drop marks the lowest home mortgage application level since December 1996, nearly 15 years ago, despite low mortgage rates. Refinance activity was also down 1.7% from last week.

Experts say that potential home owners are avoiding purchasing since the economic market continues to be unpredictable and the US economic recovery is uncertain. Applications to refinance current mortgages have increased nearly 80% in one week. The Mortgage Bankers Association's weekly survey covers more than half of all the residential mortgage applications in the country.

If you are facing foreclosure threats from the bank, contact the Maryland mortgage modification lawyers of Chaifetz & Coyle, P.C. at 443-546-4608.