A Cool Down Coming? Mortgage Demand Drops For Second Week
✉️ Want to forward this article? Click here.
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.
story continues below
loading...story continues above
"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.
Most Popular... This Week • Last 30 Days • Ever
Today, UrbanTurf takes a look at the distinct differences between these two popular f... read »
Buffett called the five-bedroom listing home when his father, Howard Buffett, was ser... read »
Monument Realty has filed updated plans with Arlington County to redevelop the former... read »
What Republican control could mean for DC; the Post wants people back in the office; ... read »
A single home has come up for sale at Beale Square: an acclaimed, carriage-style town... read »
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
Unique Spaces
Awesome and unusual real estate from across the DC Metro