Data on mortgages show a 7.3 percent drop in second-home mortgage-rate locks from April 2023 and a 1.6 percent decline in primary-home mortgage-rate locks during the same period, according to a recent Redfin report that analyzed the Home Mortgage Disclosure Act.
This follows a trend of falling mortgages for both secondary and primary homes. The report indicates that U.S. homebuyers took out 90,772 mortgages for second homes in 2023, down by 40 percent from 2022 and down by 65 percent from the height of the pandemic-housing boom in 2021. Mortgages for primary homes also experienced a decrease of 20 percent in 2023.
