The number of mortgage applications for home purchases in the U.S. fell by 8% year-over-year in August.
Moreover, mortgage demand is currently down by approximately 50% compared to pre-pandemic levels.
And this is despite the fact that since May, 30-year fixed mortgage rates have decreased by nearly 100 basis points.
As of today, the housing market is entirely dependent on supply.
submitted by /u/XGramatik
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