Mortgage loan application volume across the U.S. ticked down another 3 percent to a 41-month low over the past week, according to data from the Mortgage Bankers Association.
Having ticked down another 2 percent, purchase mortgage activity was down 14 percent on a year-over-year basis last week but with a higher share of larger loan sizes, driving the average loan size up and laying the foundation of a mix-driven “increase in the median purchase price!”
At the same time, pending home sales in the U.S. are nearing a decade low and inventory levels are ticking up, particularly with respect to new homes that haven’t yet sold, the inventory of which is up to a 12-year high.