During the second month of this year, the preliminary volume of home loans that were closed was lower than any month in the last 16 years.

For just the month of February, U.S. mortgage bankers originated 330,552 residential loans with an aggregate principal balance of $89.987 billion.

That turned out to be the slowest month for home lenders since February 2001, when there were 384,386 mortgages funded for $65.870 billion.

Source: Mortgage Daily