Peaked at #3 Now #4
US Mortgage Purchase Applications Plunge
US mortgage purchase applications are down 60% from pandemic peak, back to 1995 levels, with rates above 7%.
Key points
- Mortgage purchase applications are down 60% from their pandemic peak, per Redfin.
- Demand is now back near 1995 levels, lower than at any point during the 2008–2012 housing crash.
- Mortgage rates sit above 7%, pending home sales hover near record lows, and a record 14% of September deals were canceled.
Key points and the reaction summary are written by AI from the posts on this page. Check the original post. How we use AI
Original post
Top replies on X
Reaction on X: Most replies agree with the bleak read, framing it as a recession and noting that at 7% rates the same $400k loan costs about $2,660 a month versus $1,690 at 3%. Others point to still-high asking prices, with one citing a rundown 2-bedroom listed at $240k, and one describing a staring contest between buyers and sellers.
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From @MannyM_2003, @FinanceLancelot, @ThePoorFearBill and others. Spam removed, with English and Chinese translations.
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