Despite lower mortgage rates in recent weeks, the mortgage industry continues to face challenges as mortgage applications remain 20% lower than the previous year. This discrepancy highlights a lingering impact from the economic downturn, affecting borrowers’ ability or willingness to enter the housing market. Here are the key takeaways:
– Lower mortgage rates have triggered an uptick in mortgage demand.
– However, the mortgage industry is grappling with a 20% decline in mortgage applications compared to the previous year.
– This persistent downturn in applications underscores the impact of the economic downturn on potential borrowers’ ability or willingness to participate in the housing market.
You can read this full article at: https://www.housingwire.com/articles/mortgage-applications-rise-timidly-during-thanksgiving-week/(subscription required)
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