July was another rough month for homebuilders, with mortgage applications for new home purchases dropping 16.1% from a year ago, according to the latest Mortgage Bankers Association‘s builder application survey.

Compared to June 2022, applications decreased by 7%.

“Mortgage applications to purchase newly built homes weakened in July, as prospective homebuyers continue to delay decisions because of economic uncertainty and still-high home prices and mortgage rates,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “The slide in purchase applications for new homes – now down for the fourth consecutive month and 16% lower than details ⇒

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