Home News Mortgage demand hits 22-year low as loan applications continue to drop

Mortgage demand hits 22-year low as loan applications continue to drop

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Mortgage applications fell last week for the third straight week. The lowest level since 2000, According to a new survey.

On Wednesday, the Mortgage Banking Association (MBA) released a weekly mortgage application survey, finding that the market complex index, which measures the volume of loan applications, fell 6.3% last week when adjusted seasonally.

On an unadjusted basis, the index increased 17% compared to the previous week.

Residential in the Harris Ranch Community in Boise, Idaho, USA, Friday, July 1, 2022. (Getty Images / Getty Images via Jeremy Ericsson / Bloomberg)

“The mortgage application was rejected Similarly, most mortgage rates are more than 2 percent higher than they were a year ago, refinancing demand continues to plummet, and the MBA refinancing index has fallen in 2010. Joel Kang, MBA’s Vice President of Economy, Trade and Industry, said, “Traditional loans because weakening economic outlook, high inflation and sustainable affordability challenges are impacting buyers’ demand. Purchasing activity has declined on both government loans. Recent declines in purchase applications are consistent with slowing housing construction activity due to reduced buyer traffic, continued shortages of building materials, and rising costs. “

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Idaho Home Photo

Residential in Boise, Idaho, USA, Friday, July 1, 2022. (Getty Images / Getty Images via Jeremy Ericsson / Bloomberg)

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The refinancing and purchase indexes also declined, down 4% and 7%, respectively, from a week ago. The refinancing index is now 80% lower than it was a year ago.

Total application FHA share increased from 11.7% last week to 12.4%, while total application VA share decreased from 11.2% last week to 10.6%.

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The survey covered more than 75% of the total Applying for a US personal mortgage It has been held weekly since 1990.

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