New mortgage commitments fall to seven-month low at $7.9 billion in July
Mortgage borrowing dropped 7% in July to its lowest level since February, down 13% year-on-year as investors pull back.
New mortgage commitments slipped to $7.9 billion in July, marking the lowest monthly level since February. The decline represents a 7% drop from the previous month and a 13% fall compared to the same period last year. Investor retreat from the lending market drove the weaker activity.
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New mortgage commitments dropped 7% to $7.9 billion in July
New mortgage borrowing in July slipped to lowest monthly level since February, falling 13% or almost $1.2 billion year-on-year as investors retreat