Market Update

The housing boom may be cooling as weekly mortgage demand drops again

     
The housing boom may be cooling as weekly mortgage demand drops again

According to CNBC, Applications for a mortgage to purchase a home fell 3% for the week and were 2% lower than a year ago. This is the second straight week that purchase demand was lower than a year earlier, even though mortgage rates are still lower.

Pending home sales, which are counted by signed contracts and are therefore an indicator of future closed sales, dropped a wider-than-expected 4.4% in April, according to the National Association of Realtors.

Continue reading The housing boom may be cooling as weekly mortgage demand drops again at Movement Mortgage Blog.

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