Breaking News:

HOUSING + HOMELESSNESS

Mortgage applications are at their lowest level in nearly 30 years

Oct 19, 2023, 3:00 PM

Image of new single family homes under construction in the South Jordan area of the Salt Lake Valle...

FILE: New single family homes under construction in the South Jordan area of the Salt Lake Valley on Monday, Sept. 11, 2023. (Scott G Winterton, Deseret News)

(Scott G Winterton, Deseret News)

SALT LAKE CITY — Applications for original mortgages dropped 6.7% last week, while the number of people looking to refinance their homes dropped by 9.9%. That’s the lowest refinancing level since 1995.

That’s according to the Mortgage Bankers Association which released the new data for the week ending  October 13

The news comes at the same time interest rates on the most popular home loan rose for the sixth straight week.

The lending giant, Freddie Mac, shows the 30-year fixed interest mortgage rate is closing in on 8%. That rate rose to 7.63% today, and it’s the highest for that rate since November 2000.

Economists from the National Association of Realtors said they expect fewer and fewer people to apply for mortgages as they have less money to pay for housing due to rising prices on everyday goods, like groceries and gas.

With many new homebuyers unable to to afford mortgage payments, and those already in homes with lower interest rates who don’t want to sell, we are in the slowest housing sales rate since 2010.

Other reading:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Housing + Homelessness

Image of new single family homes under construction in the South Jordan area of the Salt Lake Valle...

Simone Seikaly

Lawmaker looks toward Utah Inland Port, other development, to ease Utah housing crunch

Utah Senate Majority Leader Kirk Cullimore looks to the Utah Inland Port for answers to Utah's housing issues.

15 hours ago

Are you thinking of selling your home in the spring or summer? It's important to prepare it before ...

Michelle Lee

Selling your home? Here’s what you can do to prepare

Are you thinking of selling your home in the spring or summer? Here are some tips on how you can best prepare it for the market.

2 days ago

A sign welcoming people to the city of Ogden on 25th Street....

Verl Johansen

Ogden housing among 41 metro areas with inventory levels at or above pre-pandemic levels

Ogden housing availability makes the area one of 41 metro areas with supply at or above pre-pandemic levels.

3 days ago

Davis County learned over the weekend that the temporary Davis County warming center it was using i...

Bryanna Willis

Davis County warming center changes location due to early building demolition

A Davis County warming center has changed its location after the city got word that the building it was originally using is set for an early demolition.

10 days ago

A "For Rent" sign is attached to a fence at a home in West Valley City, Utah on Monday, July 10, 20...

Randall Jeppesen

Rent bill sputters out in Utah Legislature

The Utah Rental Housing Association opposed the bill, saying the sponsor hadn't taken their concerns into account.

11 days ago

ground is broken on a weber county development for starter homes...

Britt Johnson

Gov. Cox’s starter home goal may face roadblocks, builder says

One Utah builder said Gov. Spencer Cox's goal of building 35,000 new starter homes over the next few years is possible but not easy.

19 days ago

Sponsored Articles

Filing taxes online using a computer...

The Law Offices of Jordan F. Wilcox

Tax time is approaching. What to do if you have debilitating IRS debt

Is the IRS threatening you with wage garnishment, asset seizure or business closure? Here are some ideas to resolve your tax dilemma.

Full speed through the snow. A man on skis is pulled by his through the snow at full gallop Skijori...

Bear Lake Convention and Visitors Bureau

Get ready for an unforgettable skijoring adventure in Bear Lake!

“Skijoring the Bear” takes place this year on February 21-22 in Garden City, Utah.

the bedroom in a geodesic dome shows the night sky...

Clear Sky Resorts Bryce Canyon

Your front row to an extraordinary cosmos show

As America's first glass dome stargazing resort, Clear Sky Resorts Bryce Canyon is one of the world’s most unique and spectacular places to stay.

2 people huddled up in a blanket and warm clothes sipping hot chocolate...

Bear Lake Convention & Visitors Bureau

The best ways to spend your Christmas vacation in Bear Lake

If you're dreaming of a white Christmas this year, Bear Lake should definitely be on your radar. Read this guide for more!

big crowd of people under holiday lights in an outdoor market...

Western Nut

Our favorite family Christmas activities in Utah

We gathered up a list of our favorite activities, movies, and treats to try this holiday season that the whole family can enjoy.

an IT tech looks at a laptop in front of a server network...

Comcast Business

Tips to protect yourself from phishing attacks

Check out this resource from Comcast Business to learn more about phishing attacks and how to protect yourself from becoming a victim of one.

Mortgage applications are at their lowest level in nearly 30 years