Market Slowdown? Mortgage Applications, Credit Availability, Building Permits All Down

The housing market continues to show at least short-term signs of cooling off as several key indicators of market activity are all down in recent weeks.

Mortgage applications were down both week-over-week, month-over-month and year-over-year, according to industry reports on Wednesday.

Meanwhile, though housing construction exceeded expectations last month, the number of construction permits for housing was down more than five percent.

Mortgage credit availability, meanwhile, fell to a six-month low last month as lenders tightened standards amid the ongoing post-COVID economic recovery.

On the flip slide, earlier this week it was reported that mortgage forbearance rates are declining, indicating that those who have already taken out mortgages are having an easier time paying for them.