Homebuying slump worsens as applications for mortgage loans drop

As the vote counting in last week’s presidential election slowed down, so did mortgage applications. An index tracking the number of mortgage applications to buy homes dropped 3 percent, seasonally adjusted, compared to the prior week. The Mortgage Bankers Association’s weekly metric, known as the purchase index, has not increased in seven weeks. Joel Kan, head of industry forecasting for MBA, said the purchase index last week was at the lowest level since May. The

source https://therealdeal.com/2020/11/11/homebuying-slump-worsens-as-applications-for-mortgage-loans-drop/