In the last week, mortgage applications in the US decreased, despite the unchanged interest rates on mortgage loans. Currently, interest rates remain at one level, but this has not affected the desire of potential borrowers to apply for a mortgage. Experts assert that the main reason for the decrease in demand is the general uncertainty in the economy due to the COVID-19 pandemic. Based on the data from official sources, it can be concluded that US residents are becoming more cautious in planning large financial expenditures, such as purchasing real estate. Speculations about the potential further decline in property prices also contribute to the decrease in demand for mortgage loans. It is important to note the professional opinion in this situation. Some experts suggest that this drop in mortgage applications is a temporary phenomenon. Other economists express concerns about the potential future real estate market related to the instability of the overall economic situation. Thus, the situation with the decline in the desire of US residents to take out mortgage loans remains under the scrutiny of experts who make various conclusions about the possible reasons for this phenomenon and its long-term consequences.
