Demand for mortgages down

Despite a 10 basis point drop last week – and 24 over the last two weeks, mortgage applications were down 5.4 percent last week. This was down 17 percent from a year ago.

Meanwhile, home inventory increased by 18.7 percent from June 2021 (although there are 53 percent fewer homes on the market than in June 2019.

Finally, the average nationwide home purchase loan declined by $8,000 from the prior week, although still up 21 percent from June 2021.

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