Mortgage denial rates rise to 15.1% as home prices and interest rates squeeze buyers
By
Sarah Agostino
Summary
Affordability declined in April 2024 as the median mortgage payment requested rose to $2,152, up from $2,131 in March. The median existing home price reached $417,700, up 0.9% year-over-year but significantly higher (45.6%) than April 2020 levels. Mortgage application denial rates have risen to 15.1% in 2024 from 12.2% in 2021, coinciding with surging mortgage rates that are keeping buyers on the sidelines and making it harder to qualify for loans.
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bskyMortgage denial rates rise to 15.1% as home prices and interest rates squeeze buyerscnb.cxKey quotes
· 3 pulledAffordability declined in April as the median payment requested by mortgage applicants rose to $2,152 from $2,131 in March
The median price of an existing home in the U.S. was $417,700 in April, up a modest 0.9% from $414,000 a year earlier
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
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