For months, high interest rates have been deemed what has been holding mortgage demand back. Now, the culprit appears to be the lack of homes for sale.
Mortgage application volume fell 4% week-over-week, the Mortgage Bankers Association (MBA) reported on Wednesday.
“Spring has arrived, but the housing market is missing the customary burst in listings and purchase activity that typically mark the season," Mike Fratantoni, MBA’s SVP and Chief Economist. After four weeks of increasing purchase application activity, volume declined a bit this week even with another small drop in mortgage rates."
In March, new listings were down 20% compared to March 2021, according to Realtor.com; the total supply of homes for sale last month was half what it was in March 2019.
This article originally published at https://dc.urbanturf.com/articles/blog/listings_not_rates_mortgage_demand_drops/20873.
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