The mortgage demand index reached 142 this month, recording ...

The mortgage demand index reached 142 this month, recording the worst September since 1994.
Since 2020, mortgage applications declined 55% and sit 44% below pre-pandemic levels.
This is despite mortgage rates falling by 1.1 percentage points since May, to 6.1%, the lowest level since September 2022.
Meanwhile, pending home sales have declined for a third consecutive year and hit another record low in August.
Lower rates are not helping in housing.