According to Reventure, mortgage demand in the U.S. officially declined again in August, approaching its lowest level since 1995.

https://preview.redd.it/i0i1l07j9zid1.png?width=1095&format=png&auto=webp&s=fb20d8dd68570c3de05e6ea474809fa656adb1ee

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.

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