The Mortgage Bankers Association (MBA) has reported fewer home buying applications in the week ended June 4. The group said it was the lowest demand for home loans since February 1997. It also signals that fifth-straight week of decline for loans to purchase houses.

The association found a 5.7% decline in loans after adjusting figures considering the Memorial Day holiday. Experts believe that the 13-year-low drop has to do with the conclusion of the federal government’s home buyer tax credit program, which closed on April 30.

“We have to face the unfortunate fact that the housing market really isn’t out of the woods yet,” said Paul Dales, U.S. economist at Capital Economics in Toronto. He said that it won’t help if people move less and spend less on buying new durable goods like fridges and sofas at a time “economic recovery is still looking fairly fragile.” “It’s very worrying.”

According to Michael Fratantoni, MBA’s vice president of research and economics, homebuyers have not yet returned to the market following the expiration of the homebuyer tax credit at the end of April. Purchase applications are now 35% below their level of four weeks ago, he noted. Despite this, there seems to be no clear push from lawmakers over a possible reinstatement of the tax credit program.

Meanwhile, the association also noted a drop in refinancing activity. The MBA refinance index clipped 14.3 on the same week.