Insight
New home purchase mortgage applications fell 3% in May from April.
New home applications fall 3% as mortgage rates top 6.5%
Summary
New home purchase applications dropped 3% in May, hitting a 10-month low average loan size of $372,825. This slowdown is attributed to mortgage rates exceeding 6.5% and economic uncertainty, impacting homebuyer hesitancy despite builder concessions.
Key takeaway