Mortgage applications in the United States decreased 6.3 percent for the week ending July 15 compared to the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Mortgage demand fell for a third week in a row to the lowest point since 2000 as high inflation and interest rates hammered American consumers, putting a damper on the housing market, Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a news release.
“Similarly, with most mortgage rates more than two percentage points higher than a year ago, demand for refinances continues to plummet, with MBA’s refinance index also falling to a 22-year low,” Kan said. “Purchase activity declined for both conventional and government loans, as the weakening economic outlook, high inflation, and persistent affordability challenges are impacting buyer demand.”…