Housing Market Bombshell
Americans aren’t happy.
It has just been discovered by the Mortgage Bankers Association’s (MBA) that mortgage application fell by 1.8% for the week ending on July 22nd compared tot he previous week.
According to Fox, this drop in mortgage applications fell for it’s fourth straight week in a row and is now reaching pandemic levels.
MBA’s Associate Vice President Joel Kan explained, “Mortgage applications declined for the fourth consecutive week to the lowest level of activity since February 2000.”
Kan added, “Increased economic uncertainty and prevalent affordability challenges are dissuading households from entering the market, leading to declining purchase activity that is close to lows last seen at the onset of the pandemic. Weakening purchase applications trends in recent months have been consistent with data showing a slowdown in sales for newly constructed homes and existing homes.”
Kan explained, “A potential silver lining for the housing market is that stabilizing mortgage rates and increases in for-sale inventory may bring some buyers back to the market during the second half of the year.”
