Mortgage applications have experienced a notable decline recently, indicating a cooling off in overall market activity. Despite this downward trend, there has been a silver lining with purchase activity showcasing year-over-year growth for over two consecutive months. This uptick in purchases arises amidst an increasing inventory of homes for sale, which has provided more options for prospective buyers. The market’s dynamics suggest that while refinancing may be waning, the demand for new home purchases is resilient, indicating a shift in buyer sentiment towards seizing opportunities in a more favorable inventory landscape.
– **Decline in Mortgage Applications**: The overall number of mortgage applications has diminished, signifying a slower market pace.
– **Growth in Purchase Activity**: Year-over-year purchase activity has seen consistent growth for over two months, reflecting enduring buyer interest.
– **Increase in For-Sale Inventory**: A rise in available homes has contributed to the increase in purchase activity, offering options and encouraging buyer engagement.
– **Shift Toward New Purchases**: The market presents a notable transition from refinancing to home purchases, highlighting buyer adaptability.
You can read this full article at: https://www.housingwire.com/articles/purchase-applications-continue-growth-streak-this-spring/(subscription required)
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