loading...

A Cool Down Coming? Mortgage Demand Drops For Second Week

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. 

This article originally published at http://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. Visit guides.urbanturf.com or start browsing below!