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As housing boom begins to fizzle, weekly mortgage demand falls nearly 7%
Source: CNBC
Record high home price appreciation is sidelining ever more buyers and finally taking the bang out of the pandemic-induced housing boom. Weekly mortgage demand is falling along with it, down 6.9% for the week according to the Mortgage Bankers Association’s seasonally adjusted index. That is the lowest level in almost a year and a half.
Mortgage applications to purchase a home dropped 5% for the week and were 17% lower annually. That is the slowest pace since the start of May 2020, when lockdowns were in full force.
