Dyugle pointed out this graph on historical mortgage application volume at canequity.
There are some great stats at that site, but the historical chart is remarkable.
It goes back to 2003 and so far 2013 is scrapping along historical lows for that full time period.
I guess homebuyers these days are just using suitcases of cash?
I don’t know how else you would explain this big shift in mortgage applications unless the data is still being updated.
*Anon points out this is percentage of preapproval applications done online. So why are we seeing a smaller percentage of preapproval applied for online than we did for the last ten years? Any mortgage brokers care to comment?
Its even more remarkable when you look at this graph and notice how normally this would be the time of year with the highest volume of mortgage applications.
Check out the full site here for more interesting stats.