Historic Lull in Mortgage Demand: Echoes from 1996 Emerge in 2023 Housing Market

According to a recent report by CNBC (available here), the demand for mortgages has experienced a significant downturn. The current level of mortgage demand is reminiscent of what was observed in 1996, marking a notable historical parallel.

This decline has alarmed many industry experts, who are now probing into the potential causes and implications of such a shift in the housing market. The article delves into several factors that might be contributing to this trend and what it means for potential homeowners, financial institutions, and the broader economy.