The number of applications to secure a purchase mortgage loan for an existing home in the U.S. ticked down another 2 percent over the past week in the absolute and 3 percent on a seasonally adjusted basis and was down 23 percent on a year-over-year basis to its lowest level in a month, according to application data from the Mortgage Bankers Association.
At the same time, mortgage loan application volume for new homes was up 26 percent on year-over-year basis last month, driven by discounting and a drop in the average sale price, resulting in lower average loan amounts, while pending sales are down 30 percent on a year-over-year basis in San Francisco.