Purchase Mortgage Applications Reach Lowest Level in More than a Year

·3 min read

Mortgage rates have been sitting near historic lows since the beginning of 2021, but in recent weeks, they've really come down. In spite of that, mortgage applications to purchase a new home hit their lowest level in over a year for the week ending June 23, according to the Mortgage Bankers Association. In June, housing inventory was up, and there were 1.25 million available homes for sale, representing a 2.6-month supply.

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