The report from the Consumer Financial Protection Bureau indicates that from 2022 to 2023, overall mortgage applications and originations decreased by about one-third, primarily due to high interest rates.
Refinance activity plummeted by nearly two-thirds, with the report highlighting that a significant rise in home costs contributed to this trend, impacting affordability.
More than 56% of single-family loan originations paid discount points in 2023, a notable increase from previous years, reflecting the tightening lending market.
The report revealed that minorities, especially Black and Hispanic borrowers, experienced steeper rises in median loan costs compared to their white and Asian counterparts.
#mortgage-trends #interest-rates #housing-market #consumer-financial-protection-bureau #home-financing
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