INFLATION WOES: Home purchase activity nears pandemic levels
"Increased economic uncertainty and prevalent affordability challenges are dissuading households fromleading to declining purchase activity that is close to lows last seen at the onset of the pandemic," he added. "Weakening purchase applications trends in recent months have been consistent with data showing a slowdown in sales for newly constructed homes and existing homes."He also expressed optimism for the coming months.
"A potential silver lining for the housing market is that stabilizing mortgage rates and increases in for-sale inventory may bring some buyers back to the market during the second half of the year," Kan said.BIDEN SAYS ‘WE’RE NOT GOING TO BE IN A RECESSION' AHEAD OF GDP NUMBERS: ‘GOD WILLING’ He added: "With mortgage rates remaining well over 5%, refinance applications are now 83% below last year’s pace."
The survey found a decrease in the refinance share of mortgage activity, from 31.4% to 30.7%, and a decrease in the FHA share from 12.4% to 12.1%. The VA share of total applications and the USDA share of total applications remained unchanged from the previous week.The MBA survey covers over 75% of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990.
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