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.
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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