According to Sam Khater, Freddie Mac’s Chief Economist, mortgage application activity has reached a 25-year low due to high mortgage rates impacting the housing market. Despite this decline in activity over the past year, Khater believes that easing inflationary pressures will lead to lower mortgage rates in 2023. He also stated that homebuyers are waiting for rates to decrease further. When they do, a strong job market and a sizeable demographic tailwind of Millennial renters will support the purchase market. Furthermore, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates.
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