flexiblefullpage
Currently Reading

Why Does the Housing Market Feel Like It's 1996?

Advertisement
billboard
Financials

Why Does the Housing Market Feel Like It's 1996?

The number of mortgage applications is currently at levels not seen since the mid-'90s 


September 14, 2023
Small green house model on top of map of real estate listings
Image: Tada Images / stock.adobe.com

As high mortgage rates continue to hamper homebuyers in the real estate market, the Mortgage Bankers Association (MBA) reports that mortgage applications have fallen to their lowest point since 1996 during the week ending Sept. 8. 

Even for those buyers who can manage today’s 7% rates, finding available housing remains a significant challenge, according to Realtor.com. High borrowing costs have led to minimal refinance activity, and homeowners are wary of selling and then having to buy a new home at a higher rate. 

“Mortgage applications decreased for the seventh time in eight weeks,” MBA Deputy Chief Economist Joel Kan says in a statement. “Given how high rates are right now, there continues to be minimal refinance activity and a reduced incentive for homeowners to sell and buy a new home at a higher rate.”

“I’ve never seen it this bad,” says mortgage broker Richard Bettencourt who has been in the business for more than 20 years. He’s the president of Veteran Mortgage Brokers based in the Boston suburb of Danvers, MA.

Read more

 

Advertisement
leaderboard2

Related Stories

Affordability

High Monthly Housing Expenses Are a Cause for Pause

With high median monthly mortgage payments, prospective buyers and sellers aren't too eager to jump into the for-sale market

Financials

How Much Does Homeownership Actually Cost?

A new study breaks down the costs of owning a home, from the initial down payment to utilities and everything in between

Financials

How Will the Return of Student Loan Payments Affect Housing Affordability?

The end of a three-year student loan moratorium has borrowers taking a closer look at their monthly budgets, especially amid higher housing costs

Advertisement
boombox2

Top Articles

Advertisement
boombox1
Advertisement
native1
halfpage2

More in Category

COVID-19 may be easing its grip on the U.S. after a disastrous two years, but lingering supply chain disruptions have builders holding onto their pandemic business tactics

An archive of NHQA-winning companies that represent home building's best in Total Quality Management

Don’t let the current hype about single-family B2R communities obscure the need to create long-term sustainability and asset value

Advertisement
native2
Advertisement
halfpage1

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.