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Mortgage Applications Drop to Lowest Level Since Early 2020

  • July 7th 2021

by UrbanTurf Staff

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Mortgage applications dropped 1.8% last week, the Mortgage Bankers Association (MBA) reported on Wednesday. Applications are now at their lowest level since before the pandemic started.

"Even as mortgage rates declined, with the 30-year fixed rate dropping 5 basis points to 3.15 percent, both purchase and refinance applications decreased," MBA economist Joel Kan said in a release. "Swift home-price growth across much of the country, driven by insufficient housing supply, is weighing on the purchase market and is pushing average loan amounts higher." 

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

See other articles related to: mortgage applications, mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-applications-drop-to-lowest-level-since-early-2020/18466.

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