It felt like somebody turned on the spigot. There were leads, referrals and action in January, after people returned from holiday vacations and rates declined, said Don Monson, branch manager at Sente Mortgage.

He was cautiously optimistic for a better 2023. Monson had hoped for a “spring rush,” but recently, somebody turned the spigot back off. 

“It’s almost like there was a false start,” Monson said.

The combination of an economic uncertainty, high mortgage rates and persisting affordability challenges will further reduce purchase demand, which keeps Monson and thousands of loan officers up at night. With the industry cooling details ⇒

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