Having briefly rebounded last week, purchase mortgage application volume for existing homes in the U.S. has since dropped 9 percent in the absolute and 10 percent on a seasonally adjusted basis, according to application data from the Mortgage Bankers Association.
As such, purchase mortgage activity was 36 percent lower than at the same time last, with pending home sales in San Francisco down 45 percent, year-over-year, and the average rate for a 30-year mortgage, which isn’t poised to slip back under 6 percent anytime soon, now inching back up and the job market starting to slow.
UPDATE: Having dropped 9 percent, purchase mortgage application volume for existing homes in the U.S. ticked back up 6 percent over the past week but remains 28 percent lower than at the same time last year with the benchmark mortgage rate back on the rise.