The denial rate in loan applications was 15.1% in 2024, up from 12.2% in 2021, a rise that occurred alongside surging mortgage rates, the St. Louis Fed found.
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Frustrated sellers are pulling their homes off the market at an increasingly high pace, as demand weakens and bidding wars wane.
Pulte is widely viewed as a Trump loyalist who has targeted the president's political foes during his tenure leading the housing regulatory agency.
Mortgage rates fell slightly last week, but neither current homeowners nor potential homebuyers were inspired. Demand for mortgages fell overall.
Intelligence community veterans have warned that Pulte is ill-prepared for the job and could target Trump's foes in the role.