Mortgage demand fell to a new 30-year low (Patreon)

Mortgage demand fell to a new 30-year low in January 2024, down 54% from the pandemic peak, according to Reventure.

Mortgage demand is down 14% over the last year and 40% from pre-pandemic levels.

Even as mortgage rates have come down from 8.1% to 6.8%, mortgage demand is getting worse.

Still, 90% of borrowers have mortgage rates below 5%.

Even with a drop from 8% to 6% mortgages, many homeowners have a financial disincentive to move.

Affordability is getting worse.

Thanks Sanjay for sharing