Mortgage Bankers Association (MBA)

Based on data from the Builder Application Survey, new single-family home sales were at a seasonally adjusted annual rate of 620,000 units in June.

June decreased to 0.81% from May's 0.85%.

In latest weekly survey, applications decreased 1.7% from one week earlier.

The 0.3% decrease indicates that lending standards are constricting.

Rates fell for second-straight week, but purchase applications hurt by low inventory and affordability challenges.

Should lead to minimal excess housing supply and have no measurable reduction in housing prices.