Mortgage applications sink to a 28-year low!

Today, the Mortgage Bankers Association reported that mortgage applications for home purchases plunged to their lowest level since 1995, as the affordability crisis rages on. While a temporary drop in mortgage rates to start 2023 helped applications rebound, the latest spike in rates has once again pushed many potential buyers to the sidelines. With demand deteriorating as financing costs remain stubbornly high, housing continues to be the Achilles heel of the U.S. economy moving forward.

Eli Petropoulos, CFA – Sr. Market Analyst