Real Estate

Housing boom may be cooling as weekly mortgage demand drops again


A real estate agent with an ‘Open House’ sign in the front yard of a home for sale.

Ty Wright | Bloomberg | Getty Images

High prices and low supply are finally taking some of the heat out of the housing market.

Even with interest rates falling slightly, mortgage application volume fell 4% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. It fell to the lowest level since February 2020.

Applications for a mortgage to purchase a home fell 3% for the week and were 2% lower than a year ago. This is the second straight week that purchase demand was lower than a year earlier, even though mortgage rates are still lower.

Pending home sales,…


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