Homebuyer mortgage demand drops annually for the first time in over a year, as war fuels uncertainty

Weakening consumer sentiment in the overall economy is weighing heavily on mortgage demand from both homeowners and homebuyers..

• Mortgage rates finally ticked a tiny bit lower last week, but not enough to help the ailing mortgage market
• Economic uncertainty, fueled by the Iran war, is keeping rates elevated and homebuyers on the fence
• As a result, total mortgage application volume fell 0