Home purchase activity nears pandemic levels

By Around the Web

(FOX BUSINESS) – The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey found mortgage applications fell 1.8% for the week ending July 22, 2022, from the previous week. The decrease was the fourth week in a row as home purchase activity nears pandemic levels.

“Mortgage applications declined for the fourth consecutive week to the lowest level of activity since February 2000,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.

The survey comes as inflation woes and market uncertainty have sparked worry in potential buyers, causing them to avoid entering the market, Kan said.

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