Lowest in 28 years
If U.S. home sellers ever had cause to fret over the state of the housing market, now is as good a time as any. Mortgage purchase applications are at their lowest level since 1995 amid a recent rise in mortgage rates, while home sales continue their downward descent — just ahead of what is usually a busy buying season.
Mortgage loan application volume for the week ending Feb. 17, 2023, fell 13.3% from the previous week on a seasonally adjusted basis, according to the latest survey from the Mortgage Banker’s Association. The seasonally adjusted purchase index decreased 18% to its lowest level since 1995.
http://www.nasdaq.com/articles/mortgage-applications-drop-to-lowest-level-since-1995-should-sellers-worry