According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage applications fell 1.8% in the week ending July 2, to the lowest for this benchmark since the start of 2020.
“Swift home-price growth across much of the country, driven by insufficient housing supply, is weighing on the purchase market and is pushing average loan amounts higher,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement,