Skyrocketing mortgage rates and a slowdown in new home constructions led to a drop in home purchases in April. Mortgage applications for new home purchases dropped 10.6% in April from the same period last year, according to the Mortgage Bankers Association builder application survey. Compared with last month, applications dropped by 14%. 

MBA estimates that about 701,000 new homes were sold in April at a seasonally adjusted annual rate, marking a decline for five consecutive months. It was the slowest sales pace since May 2020. On an unadjusted basis, MBA estimates that there were 65,000 new home sales in April details ⇒

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