The number of applications to secure a purchase mortgage loan for an existing home in the U.S. dropped another 4 percent over the past week in the absolute, and 3 percent on a seasonally adjusted basis, according to application data from the Mortgage Bankers Association.
As such, purchase mortgage activity was down 31 percent on a year-over-year basis, with the benchmark 30-year mortgage rate now approaching 7 percent, credit availability on the decline, and pending sales in San Francisco proper down over 31 percent, none of which should catch any plugged-in readers, other than the most obstinate, by surprise.
UPDATE: 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 on a seasonally adjusted basis with a 13 percent drop from the week prior due to the four day work week.
UPDATE: The number of applications to secure a purchase mortgage loan for an existing home in the U.S. ticked back up 17 percent over the past full week versus the four-day week prior but with 27 percent fewer applications versus the same time last year.