Mortgage applications dropped for the second straight week — falling 2.2%, according to the latest report from the Mortgage Bankers Association.
The continued increase in mortgage rates is to blame, according to MBA’s Associate Vice President of Economic and Industry Forecasting Joel Kan. Rates have jumped north of 3%, with most recent reports showing it hovering around 3.5%.
New home applications are down as well, as builders are still suffering from missing construction crews and the skyrocketing price of lumber and building materials. Home prices in general are staying high, as well.
“Purchase market activity was details ⇒
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