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The MBA reports that mortgage app volume rose for the fourth consecutive week, fueled by a continued drop in rates at the outset of the spring buying season.

The MBA reports July purchase mortgage applications for new homes dipped 16.1% year-over-year, as high prices and economic instability continue to force the nation’s home buyers to reconsider their options.

A rise in mortgage rates over the 5% mark, and an increase in prices has impacted April buyer activity, as buyers wait for the market to show signs of stability.

Following a drop in existing-home sales in March, new home sales fell 8.6% below February rate amid rising rates and inflationary concerns.

As supply chain and bottleneck issues continue to impact the housing industry, Steve Adamo of Embrace Home Loans spoke with MReport about remedies to alleviate these concerns.

Overall mortgage volume tailed off slightly from last week’s totals, as climbing rates continue to dampen refi and purchase activity.