National Market Update-Mortgage Applications shot up

The Mortgage Bankers Association reported mortgage applications shot up 6.9% from the week before, with application volume at its highest level since January. Refinance applications came in 59% higher than a year ago.

The CoreLogic Home Price Index fell to a 4.7% annual gain in June, the second straight month with a yearly increase below 5%. They predict “what will likely be a continual slide” to 2.3% annual price growth by June next year.

Realtor.com reports the market became more buyer-friendly in July. The inventory of homes actively for sale hit a post-pandemic high, 36.6% above the year before, while 18.9% of listings had price cuts, the most since October.