Mortgage applications are down 23% from a year ago. What does that mean?

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.

Swapna Venugopal Ramaswamy | USA TODAY

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