Housing boom may be cooling as weekly mortgage demand drops again

  • The average interest rate for 30-year fixed-rate mortgages decreased to 3.17% from 3.18% last week, but the Mortgage Bankers Association said applications for a mortgage to purchase a home fell 3% and were 2% lower than the same week a year ago.
  • “Tight housing inventory, obstacles to a faster rate of new construction, and rapidly rising home prices continue to hold back purchase activity,” said Joel Kan, an MBA economist.

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