Despite the average rate for a benchmark 30-year mortgage having ticked down over the past month, purchase mortgage application volume in the U.S. has dropped for the third week in a row, ticking down another (1) percent on a seasonally adjusted basis and 3 percent in the absolute, with 10 percent fewer purchase mortgage applications having been filed over the past week than at the same time last year, based on application data from the Mortgage Bankers Association.
And while “a lack of supply” keeps getting fingered for the drop in purchase activity, keep in mind that the pace of new home sales across the U.S. has dropped as well despite inventory having hit a 16-year high.
UPDATE: Purchase mortgage application volume in the U.S. dropped another 4 percent over the past week on a seasonally adjusted basis and was 13 percent lower than at the same time last year, based on application data from the Mortgage Bankers Association. And once again,
while “a lack of supply” keeps getting fingered for the drop in purchase activity, keep in mind that the pace of new home sales across the U.S. has dropped as well despite inventory having hit a 16-year high.
Because why bother when the market is priced for 2022 and your borrowing is priced in 2024.