Featured Chart: Mortgage Demand for Homebuyers Continues its Downfall

 
 

  • The Mortgage Bankers Association released mortgage origination data today, showing applications falling to 28-year lows last week.

  • This 44% annual drop in total mortgage applications is influenced heavily by the heightened mortgage rates. U.S. 30 Yr. fixed-rate mortgages sit at 6.5% as of February 23rd.

  • Homeownership has become more difficult in the past year as inflation soars and mortgage rates tick up. The increased cost of homeownership could drive demand for renting.

Harbor Stone Advisors