Mortgage-rate locks for second homes fell 11% year over year in June after a year of double- and triple-digit increases.
The number of buyers who locked in mortgage rates to purchase a second home nationwide fell 11.1% year over year in June, a reversal from the yearlong surge in demand for vacation homes driven by the pandemic. It’s the first decline since April 2020 and follows more than a year of double- and triple-digit increases in mortgage-rate locks for second homes.
Mortgage-rate locks for primary homes rose 1.8% year over year in June. Although that’s a small increase, it marks the first time in over a year that growth for primary homes has surpassed that of second homes.
With the pandemic winding down, vacation-home demand is declining from the peak it reached earlier this year. Demand for second homes started surging in June 2020 as pandemic-related lockdowns and remote work made vacation destinations ultra-desirable and affluent buyers took advantage of low mortgage rates.
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