To follow up o a recent post, new numbers came out today that show that sagging demands for mortgages due to the rise in rates.

The report showed that the seasonally adjusted index of mortgage applications fell for the third straight week, dropping 3.2% to 649.5 in the week ended March 30. This is as reported by The Mortgage Bankers Association.

The UBS had this to say about the continuing stockpile of unsold homes, “Even a stabilization in sales will do little to work off quickly the high level of inventories of homes for sale, which in turn means further downward pressure on prices”.

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