Homebuyer demand for mortgages is now at the lowest level in 30 years, according to data from the real estate analytics tool Reventure App.
Newsweek contacted the Mortgage Bankers Association for comment by email on Tuesday outside standard working hours.
Why It Matters
Mortgage rates may be a significant factor this year to determine whether the housing market will become more affordable for Americans, something President-elect Donald Trump is expected to strive for—though Reventure’s data suggests that many remain cautious as they wait for rates to drop further.
What To Know
The sudden spiraling of mortgage rates after the end of the COVID-19 pandemic, which followed the Federal Reserve’s efforts to slow down the rise of inflation, exacerbated the affordability crisis in the U.S. housing market over the past few years.
Despite slowly growing inventory in 2024 and the central bank’s decision to cut its key interest rate—a move that should bring mortgages down—a chronic lack …