Having inched up 0.2 percent on a seasonally adjusted basis last week, mortgage loan application volume in the U.S. has since dropped 3.0 percent in the absolute or 2.3 percent on an adjusted basis, with another 2 percent drop in purchase mortgage activity, which was down 18 percent on a year-over-year basis.
As such, mortgage application volume in the U.S. has dropped back down to a 22-year low, despite an increase in the inventory of both new and existing homes for sale across the country, with “purchase applications continu[ing] to be held down by rapidly drying up demand,” according to the Mortgage Banker Associations’ Associate Vice President of Economic and Industry Forecasting and which shouldn’t catch any plugged-in readers by surprise.
Mortgage Applications Drop with Rapidly Drying Up Demand & Latest News Update
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