Home | Newsletter | Advertise
loading...

A Cool Down Coming? Mortgage Demand Drops For Second Week

  • June 2nd 2021

by UrbanTurf Staff

There are a couple signs emerging that homebuyers are finally getting fed up with the high prices and low supply plaguing the market. 

Mortgage applications dropped 4% last week from the previous week, according to the Mortgage Bankers Association (MBA). Applications fell for the second week in a row and dropped to the lowest level since early 2020.

"Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity," MBA economist Joel Kan said in a release. 

In addition to falling mortgage application demand, pending home sales are also dropping. These sales fell 4.4% in April compared to the previous month.

Next week, the May report on the DC-area housing market will come out, so it will be interesting to see if these trends are also being see in the region. 

See other articles related to: mortgage applications, mortgage bankers association

This article originally published at https://dc.urbanturf.com/articles/blog/a-cool-down-coming-mortgage-demand-drops-for-second-week/18336.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!

First-Timer Primers

Intro guides for first-time home buyers

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse