Rental Nation: U.S. Mortgage Applications Crash to Near-30-Year Low

August 24, 2023

by Simon Kent Breitbart.com

The American dream of home ownership is fading into the distant past under the Biden administration with mortgage applications hitting their lowest level in nearly 30 years, the Mortgage Bankers Association (MBA) said Wednesday.

UPI reports the MBA found mortgage applications declined 4.2 percent week-on-week over the seven-day period ending Aug. 18.

Joel Kan, the association’s deputy chief economist, blamed the decline on rising interest rates for helping to send the housing market into freefall, continuing a years-long trend driven by an inflationary Biden economy.