New home purchase applications dropped 12% year over year in June due to higher mortgage rates and economic uncertainty, according to the builder application survey from the Mortgage Bankers Association (MBA). Month over month, application volume dipped by 10%.
New residential construction and permitting activity weakened from March through May, which reduced the number of homes available for home buyers, according to survey results.
MBA estimates about 620,000 new single-family homes were sold in June at a seasonally adjusted annual rate, marking a 15% drop, or more than 100,000 homes, compared to May.
“Higher mortgage rates and heightened economic uncertainty cooled borrower demand details ⇒
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