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Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.
Home prices nationwide continued to climb higher in February compared to 12 months ago, according to the S&P CoreLogic Case-Shiller Indices.
Low inventory and rising interest rates have reduced prospective homebuyer purchasing power.
Rising interest rates and home prices have taken a toll on would-be homebuyers’ purchasing power, leading to increased inventory and another monthly slowdown in sales.
Single-family home starts declined compared to February, while new apartment construction was up, according to government statistics.
Builder sentiment has taken a hit from an unexpectedly sharp increase in mortgage rates and continued disruptions in the supply chain, according to the National Association of Home Builders’ monthly survey.
Investor activity showed early signs of slowing during Q4 of 2021, down from the historic highs seen in the second and third quarter, CoreLogic’s latest analysis reveals.
If you’re planning to sell your home this spring, get moving.
Report finds buyers are backing off from buying second homes, but what’s causing the turnaround?
Surging mortgage prices are causing buyers to step back amid signs a recent Redfin report found point to the start of a shift in the market.