With the average rate for a 30-year mortgage having ticked back over 6 percent and poised to rise, the seasonally adjusted volume of applications to secure a purchase mortgage loan for a home in the U.S. ticked down another 5 percent over the past week and was down 40 percent on a year-over-year basis, according to data from the Mortgage Bankers Association (and which shouldn’t catch any plugged-in readers, other than the most obstinate, by surprise).
Closer to home, pending home sales in San Francisco are currently only down 36 percent on a year-over-year basis, representing the fewest homes in contract on a seasonally adjusted basis in over six years.