Mortgage loan application volumes in the U.S. dropped 7 percent over the past week, including a 6 percent drop in purchase mortgage activity, which was down 17 percent on a year-over-year basis, according to the Mortgage Bankers Association.
And with refinancing activity having dropped 8 percent over the past week and down 15 percent on a year-over-year basis, mortgage application volumes dropped to their the lowest level in almost a year and a half.
At the same time, listed inventory levels across the U.S. ticked up last month as did the number of unsold new homes, the inventory of which just hit a 14-month high.
UPDATE (7/7): Mortgage loan application volumes in the U.S. ticked down another 2 percent over the past week, resulting in the lowest overall mortgage activity since the beginning of 2020 and with purchase mortgage activity down another 1 percent despite listed inventory levels across the U.S. having ticked up.
How much of this has to do with base effects? i.e. was June 2020 especially high? Is there a chart?
UPDATE: Mortgage loan application volumes in the U.S. ticked down another 2 percent over the past week, resulting in the lowest overall mortgage activity since the beginning of 2020 and with purchase mortgage activity down another 1 percent despite listed inventory levels across the U.S. having ticked up.