Demand up for mortgage renewals, slower for new homes

Interest in variable rate mortgages is rising, with five-year variable rate inquiries increasing from 5% to 8% year over year. Mortgage renewals now account for 39% of inquiries, up as many five-year terms from low-rate pandemic-era loans are ending. New home purchase mortgage inquiries have dropped from 71% to 47%, while refinancing inquiries doubled from 6% to 12%, reflecting changing borrower preferences amid economic uncertainty.