Purchase activity is close to lows last seen since the start of the coronavirus pandemic, the Mortgage Bankers Association said.
The numbers: Weakness in refinances and purchases pushed the Market Composite Index, a measure of mortgage loan application volume, down for the fourth week in a row to the lowest level since February 2000, the Mortgage Bankers Association said on Wednesday.
The market index fell by 1.8% to 276 for the week ending July 22. Recession fears and elevated home prices are pushing would-be buyers to stay on the sidelines. Last week the index fell by 6.3% to 281.1. One year ago, the index stood at 747. The big picture: Would-be buyers are finally seeing a cool-off in the U.S. housing market. With recession fears mounting and higher mortgage rates adding hundreds of dollars in borrowing costs, activity has slowed considerably.
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