Real Estate

Mortgage applications sink to lowest level since before pandemic

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A for sale sign sits outside a house in Miami Beach October 22, 2009.

Carlos Barria | Reuters

Mortgage demand fell for the second week in a row, as low inventory and high home prices continue to weigh on the housing market.

Mortgage applications decreased 1.8% last week, according to the Mortgage Bankers Association’s seasonally adjusted index, falling to the lowest level since the beginning of 2020, before the coronavirus pandemic started to take a toll on the economy.

Both refinance and purchase applications took a hit, even as mortgage rates slipped.

Mortgage applications to refinance a home dropped 2% for the week and were 8% lower than a year ago. Refinance applications have trended…



Source cnbc.com

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