Mortgage Applications and Housing Inventory Update
According to recent reports, purchase mortgage applications have fallen by 18% week to week, hitting levels not seen since 1995. This decline is likely due to the recent spike in mortgage rates, which has made it more difficult for potential homebuyers to secure financing.
In addition to the drop in mortgage applications, the weekly housing inventory has also decreased by 6801. This means that there are fewer homes available on the market for those who are looking to buy.
Unfortunately, new listing data is still negative year-over-year, meaning that fewer and fewer homeowners are listing their homes for sale. This trend is likely a result of the recent increase in mortgage rates, which has made it more difficult for potential sellers to find buyers who can afford their asking price.
Overall, these trends suggest that the housing market may be facing some challenges in the coming months as buyers struggle to secure financing and sellers struggle to find buyers who can afford their asking price.