Climbing mortgage rates have been dampening the red-hot pandemic housing market for a few months now.
Sellers are slashing prices while buyers are sitting on the sidelines, home sales are falling through, contingencies are back, and bidding wars have become more of an exception than the rule.
The most recent evidence of a cooling housing market comes in the form of mortgage loan applications: They were down 23% the week ending Sept. 2 than the same week a year ago, according to the Mortgage Brokers Association.
Mortgage applications to refinance a home loan fell another 1% for the week and were 83% lower than the same week one year ago.
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