Housing demand sees biggest drop in more than 2 years

Housing demand has been very strong, thanks to an improving economy, but red-hot home prices, combined with higher mortgage rates, are finally taking their toll on affordability and demand. Housing demand in June fell by the biggest margin since April 2016. Mortgage rates seem to be rising yet again, after a jump at the start of this year. Even as the supply of homes for sale increases, buyers are pulling back.